We remain interested in acquiring Station assets and look forward to reviewing the plan when it is made available to the rest of the creditors. In a statement, Frank Fertitta called Monday’s transaction an “important step toward maximizing the value of all of the Station Casinos’ properties.”īoyd spokesman Rob Meyne said Station’s announcement “contained very little in the way of detail about Station’s efforts to reorganize its debt, a process that has now been going on for more than a year. Rival bidders would have a chance to make competing bids in a court-supervised auction.
It said the bid has support from a committee representing lenders of more than 60 percent of its senior secured bank debt. TWO 401k plans with one completely funded by Station Casinos and so much moreDescription.
Station said the “stalking-horse” bid involves a “significant new investment” by the Fertittas and a “substantial cash recovery” for senior bank lenders. work / FREE Generic Drugs / Free Provider Visits and more). The proposed transaction calls for Chief Executive Frank Fertitta and his brother Lorenzo, real estate investment firm Colony Capital LLC and some mortgage lenders to form a new company that will make an initial bid for substantially all its assets.
