Tropicana Walks Away From Casino Sale

Law360, New York (November 21, 2008, 12:00 AM EST) -- After warring with its unsecured creditors over the transaction, bankrupt casino owner Tropicana Entertainment LLC's has decided to drop the controversial sale of one its casinos amid worries that the potential buyer won't be able to close the deal.

On Thursday, Tropicana filed a motion with the U.S. Bankruptcy Court for the District of Delaware to enter into a settlement agreement with Resorts Indiana LLC and Eldorado Resorts LLC, with both parties agreeing to put a stop to the proposed deal.

“With the sale hearing looming...
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