Lack Of Cash Sends Casino Owner Into Ch. 11

Law360, New York (March 13, 2008, 12:00 AM EDT) -- Legends Gaming LLC, which operates two DiamondJacks casinos in Louisiana and Mississippi, has filed for Chapter 11 in the hopes of continuing its operations while sorting out its cash flow problems.

In a voluntary petition filed Tuesday in the U.S. Bankruptcy Court for the Western District of Louisiana, Legends said it has already twice triggered covenant defaults in two loans dating back to before the company purchased the casinos in 2006.

In the fall, Legends attempted to raise $220 million through a secured notes offering but...
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