Las Vegas Monorail Files Ch. 11 Plan

Law360, New York (August 18, 2010, 7:45 PM EDT) -- Las Vegas Monorail Co. has filed its Chapter 11 disclosure statement and reorganization plan, lamenting that it will be forced to cease operations by 2019 if its debt burden is not relieved.

The documents, filed Tuesday in the U.S. Bankruptcy Court for the District of Nevada, set a course for restructuring LVMC’s first-tier bond obligations while leaving second- and third-tier bondholders out in the cold.

Under the plan, $445 million in first-tier debt would be shaved down to just $18.5 million. Over $200 million in bonds...
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