Bankrupt Vegas Monorail's Voting Procedures Win OK

Law360, New York (July 6, 2011, 5:12 PM EDT) -- A Nevada bankruptcy court judge on Wednesday approved Las Vegas Monorail Co.'s voting and noticing procedures for a revised Chapter 11 restructuring plan that will see the holders of $700 million in the company's debt recover only $45 million in new notes.

Judge Bruce A. Markell set a Sept. 16 hearing for Las Vegas Monorail's third amended reorganization plan. The reorganization has been hotly contested by bondholders and bond insurer Ambac Assurance Corp., which are facing a nearly complete wipeout.

Under the amended plan, filed June...
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