Centaur Wins OK For Plan That Cuts Debt To $260M

Law360 (February 18, 2011, 7:11 PM EST) -- Centaur LLC received bankruptcy court approval Friday for its reorganization plan, which will slash the casino operator’s debt by two-thirds to $260 million.

Judge Kevin J. Carey signed off on the plan in the U.S. Bankruptcy Court for the District of Delaware, finding that the plan’s core settlement — which resolves $99 million in claims asserted by unsecured creditors against first-lien lender Credit Suisse AG — was reasonable and in the best interests of creditors.

The debtors and other stakeholders managed to reach a “fully consensual”...
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