DiamondJacks Casino Owner Floats Restructuring Plan

Law360, New York (October 31, 2012, 3:33 PM EDT) -- The owners of the DiamondJacks casino chain on Friday proposed a bankruptcy restructuring that would allow first lien lenders to recover about two-thirds of what they are owed, funded by a $125 million sale to Oklahoma's Chickasaw nation.

Legends Gaming LLC said its plan would pay first lien lenders, who are owed about $181 million, $97.5 million in new debt and would provide them the bulk of the cash from the sale of DiamondJacks casinos. Global Gaming Solutions LLC, an entity owned by the Chickasaw nation,...
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