Lenders Get Tropicana Casino In $200M Bargain

Law360, New York (June 12, 2009, 12:00 AM EDT) -- Billionaire investor Carl Icahn has snagged Tropicana Atlantic City Casino and Resort in a bargain deal in which a group of prepetition lenders agreed to swap $200 million in debt owed to them by the casino's bankrupt parent company in exchange for ownership of the property.

Judge Judith H. Wizmur of the U.S. Bankruptcy Court for the District of New Jersey on Friday approved the sale by Tropicana's owner, Adamar of New Jersey Inc., and its wholly owned subsidiary, Manchester Mall Inc., to the lenders, according...
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