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Hard Rock Biloxi pays off debt15 August 2007BILOXI, Mississippi -- As reported by the Biloxi Sun Herald: "Hurricane Katrina is finally behind the Hard Rock Hotel & Casino Biloxi, which emerged from bankruptcy Friday. "'It's over,' said Joe Billhimer, president of the Hard Rock Biloxi. "...Under the terms of the agreement, all creditors will receive 100 percent of the money owed. "The casino was badly damaged by the storm days before it was to open. The company filed for bankruptcy last September and Billhimer said the usual reasons a business goes into Chapter 11 didn't apply. Katrina came and the company couldn't get access to its money. Despite insurance payments of almost $161 million prior to filing bankruptcy, the senior lender refused to release the money to pay the bills..." |