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Hollywood Casino Creditors Support Sale

10 June 2005

LOUISIANA -- As reported by the Shreveport Times: "The votes are in from Hollywood Casino's creditors, and they appear to give the OK for Eldorado Resorts to buy the financially troubled property.

"If a federal bankruptcy judge approves the ballots and the Chapter 11 plan next week, it will clear the way for the Reno, Nev., company to replace the movie memorabilia and brand the site as Eldorado Casino-Shreveport.

"…But the end of the almost nine-month bankruptcy won't come without a fight from the rival company trying to buy Hollywood, Black Diamond Capital Management. Starting Monday, Black Diamond and other unhappy creditors will argue the Eldorado plan isn't the highest and best offer, said Robert W. Raley, a Bossier City lawyer on the Black Diamond team.

"…The hearing in U.S. bankruptcy Judge Stephen V. Callaway's court will address three issues: whether the Eldorado business plan will keep the company afloat, whether the money paid to creditors is fair and whether problems with some ballots should be overlooked.

"One of the two voting classes that didn't accept the Eldorado plan is the contractors who say they are still owed money from construction on the casino.

"…The casino entered reorganization bankruptcy at the end of October, after Black Diamond and other creditors filed an involuntary bankruptcy petition against them, which brought the case into a Shreveport court rather than a Texas one…"

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