 Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter! Related Links
Related News
|
Gaming News
Hollywood Casino Shreveport Agrees to Bankruptcy3 November 2004SHREVEPORT -- As reported by Bloomberg News: "Hollywood Casino Shreveport, a riverboat casino operator whose creditors forced it into bankruptcy in September, agreed to reorganize and sell its assets under court protection. "Hollywood Casino Shreveport agreed to sell its assets to Eldorado Resorts LLC. The deal is contingent upon court approval of its reorganization plan. "Black Diamond CLO 2000-1 Ltd., a noteholder that unsuccessfully tried to buy Hollywood Casino Shreveport, and two construction contractors who sued the company filed the petition to force the company into bankruptcy. "...Hollywood Casino Shreveport, which opened on the Red River in Louisiana in 2000, began seeking a buyer in February, according to court papers. It defaulted on its bonds in 2003 and has accrued $36.9 million of interest on missed bond debt payments..." Last year, Penn National Gaming Inc. paid $673 million for Hollywood Casino Corp., parent company of Hollywood Casino Shreveport and its affiliates. Hollywood Casino Shreveport's debt holders didn't consent to waivers requested by Penn National to buy the property's notes under a change of ownership provision. |