Las Vegas' Riviera Casino Files Prepackaged Ch. 11

Law360, New York (July 13, 2010, 11:51 AM EDT) -- Riviera Holdings Corp., owner of Las Vegas' Riviera Hotel & Casino, has filed for Chapter 11 protection with a prenegotiated plan that the company says is unlikely to provide recovery for equity holders.

Plummeting value of Las Vegas property and declining gaming revenues owing to the recession drove Riviera into bankruptcy, according to a disclosure statement filed Monday in the U.S. Bankruptcy Court for the District of Nevada.

The debtor said it had assets of $100 million to $500 million and liabilities within the same range....
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