Tropicana Atlantic City Casino Sale Gets Court OK

Law360, New York (June 25, 2009, 12:00 AM EDT) -- The judge overseeing the Chapter 11 proceedings of Tropicana Entertainment LLC has signed off on the bargain sale of the Tropicana Atlantic City Casino and Resort to prepetition lenders that agreed to swap $200 million in debt owed them by a Tropicana subsidiary in exchange for the property.

Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware on Wednesday approved the sale by the resort's owner, Adamar of New Jersey Inc., and its wholly owned subsidiary, Manchester Mall Inc., to the...
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