Casino Fights Bondholders, Fending Off Ch. 11

Law360, New York (March 26, 2008, 12:00 AM EDT) -- Casino operator Tropicana Entertainment LLC revealed on Tuesday that it had taken its bondholders to the Delaware Chancery Court to enjoin them from trying to force the company into bankruptcy in order to gain a better chance to take it over.

Tropicana filed papers with the Delaware Court of Chancery on Friday, arguing that the investment firms that own $960 million of its debt were interfering with its right to cure the technical default.

The default was occasioned by a New Jersey Casino Control Commission order...
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