Failed Debt Deal Forces Station Casinos Into Ch. 11

Law360, New York (July 29, 2009, 12:26 PM EDT) -- Casino operator Station Casinos Inc. is the latest gaming company to file for Chapter 11 protection, blaming the recession and a failed attempt at reaching a deal with unsecured creditors for its current financial woes.

The Las Vegas-based company and 17 of its noncasino subsidiaries filed voluntary petitions Tuesday in the U.S. Bankruptcy Court for the District of Nevada, listing $5.73 billion in assets and $6.48 billion in debt as of June 30.

Station Casinos said Tuesday that it already had an agreement in place with...
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