Silver Legacy Casino Pushes Chips Into Ch. 11

Law360, New York (May 18, 2012, 2:42 PM EDT) -- Operators of the Silver Legacy Resort Casino in Reno, Nev., filed for bankruptcy protection Thursday to restructure significant mortgage debt it failed to repay in the face of sagging consumer demand.

Circus & Eldorado Joint Venture claimed assets of $264 million and debts of $174 million, including $143 million in secured mortgage debt, according to its Chapter 11 petition in Nevada federal court. The filing described a pre-packaged restructuring plan, scheduled to be filed by June 1, that would call for the debtor to take on...
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