Bankrupt Miami Casino Sets Sights On Asset Sale

Law360, Miami (October 23, 2013, 6:11 PM EDT) -- Florida Gaming Centers Inc., the bankrupt owner of Casino Miami Jai Alai, has abandoned the prospect of reorganization and is instead planning an asset sale in late March, the company told a Florida bankruptcy court Tuesday.

In a hearing before U.S. Bankruptcy Judge Robert A. Mark, FGC told the court that it is planning a sale and is hoping to work out a deal for a stalking horse bid from casino operator Silvermark LLC, with which FGC had a $129 million stock purchase agreement.

Silvermark's attorney...
To view the full article, register now.