Riviera Bankruptcy Plan Wins Court Approval

Law360, New York (November 18, 2010, 1:16 PM EST) -- A bankruptcy judge has signed off on Las Vegas casino owner Riviera Holdings Corp.'s reorganization plan, which the company has said is unlikely to provide recovery for equity holders.

Judge Linda B. Riegle of the U.S. Bankruptcy Court for the District of Nevada confirmed the casino operator's second amended joint plan of reorganization Wednesday, following a Nov. 8 hearing.

Citing the plummeting value of Las Vegas property and the recession's toll on gaming revenues, Riviera ducked into bankruptcy in July with a prenegotiated plan.

Before the...
To view the full article, register now.