Tropicana Recasts $200M Sale Of Atlantic City Casino

Law360, New York (October 20, 2009, 2:39 PM EDT) -- With a hard-won license for the Tropicana Atlantic City Casino and Resort in the works, Tropicana Entertainment LLC has drawn up a new agreement to sell the casino to secured lenders in a $200 million credit bid and then reintegrate the casino into the reorganized company, granting the sale a favorable tax basis.

Tropicana and its affiliated debtors asked Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware to sign off on the amended sale and purchase agreement Friday, supplanting a...
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