![]() That proposal did not include any kind of cash infusion by the company’s owners. Under Station’s plan, the company would enter into a voluntary Chapter 11 bankruptcy and the gaming company’s owners - the Fertitta family and real estate investment firm Colony Capital - would put us$ 244 million in cash into the company.Īn earlier debt exchange was rejected by bondholders in November. On February 2, Station announced a "prepackaged" bankruptcy plan that would give bondholders who hold us$ 2.3 billion of Station’s debt between 10 cents and 50 cents on the dollar in new notes and cash. "They feel there is notable risk that the deal might not close, and if that happens, they’ve disrupted the prepackaged proposal, and that changes everything." ![]() "The reasoning on why they rejected this current offer makes sense to me," Lerner said. ![]() ![]() But he said Tuesday afternoon that "we remain interested in acquiring some or all of the assets of Station Casinos."īill Lerner, a gaming analyst with Deutsche Bank, said Station’s rejection of the buyout offer makes sense. Rob Stillwell, Boyd’s vice president of corporate communications, said the company will respond to Station’s rejection letter today. ![]()
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