Lenders, Colony Capital To Acquire Station Casinos

Law360 (March 25, 2010, 4:16 PM EDT) -- Bankrupt casino resort operator Station Casinos has filed a Chapter 11 restructuring plan that will see lenders who provided mortgages on several resorts and a private real estate investment firm take a majority stake in a new company.

According to the plan, filed Wednesday in the U.S. Bankruptcy Court for the District of Nevada, mortgage lenders and real estate investment firm Colony Capital LLC will become the equity owners of a newly formed company secured by more than $1.8 billion in debt.

The mortgage lenders, JPMorgan Chase Bank NA and German American Capital Corp., hold debt secured by the Red Rock...

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