Las Vegas Monorail Steers Into Bankruptcy Court

Law360, New York (January 14, 2010, 7:41 PM EST) -- Las Vegas Monorail Co. has veered into Chapter 11, citing a decrease in tourism and convention traffic to Sin City as the cause of the train operator's financial woes.

The not-for-profit monorail company, which was founded by the state of Nevada, filed for bankruptcy Wednesday in the U.S. Bankruptcy Court for the District of Nevada.

The beleaguered public transport operator listed assets between $10 and $50 million and liabilities between $500 million and $1 billion in its Chapter 11 petition.

Curtis Myles, president and CEO of...
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