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Tropicana reaches deal with lenders

ATLANTIC CITY, New Jersey -- As reported by The Philadelphia Inquirer: "The trustee of the Tropicana Casino in Atlantic City reached an agreement late last night with a group of secured lenders including developer Carl Icahn to set a $200 million minimum bid in a bankruptcy auction.

"Icahn's group will act as the so-called stalking horse in a bankruptcy auction for the troubled casino, whose owner was stripped of its license in December 2007.

"The agreement was reached at 11:35 last night.

"At a hearing last month, the New Jersey Casino Control Commission said the two groups had to reach an agreement before the auction process could proceed..."

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