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Barden seeks new financial restructuring

PITTSBURGH, Pennsylvania -- As reported by the Pittsburgh Business Times: "Don Barden has petitioned the Pennsylvania Gaming Control Board to approve a new financing and ownership structure for his casino on Pittsburgh's North Shore.

"The proposed change would shift the license from PITG Gaming LLC to Holdings Acquisition Co. LP, a new partnership that will include an entity known as High Pitt Gaming LP, which will consist of Greg Carlin and some family members of Neil G. Bluhm. Bluhm is a principal of Walton Street Capital, a Chicago-based private-equity fund.

"Barden will retain a 25 percent stake in the casino, Gaming Control Board spokesman Richard McGarvey said.

"Walton Street has agreed to make an equity contribution of about $120 million as part of the project, according to a petition Barden filed with the gaming board.

"The petition also notes that Barden was informed by Credit Suisse, his primary lender, that he is in default on a $200 million bridge loan..."

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