Tropicana Beats Creditors To Reorganization Plan

Law360, New York (January 9, 2009, 12:00 AM EST) -- Bankrupt casino operator Tropicana Entertainment LLC filed its Chapter 11 reorganization plan Thursday, just hours before a hearing was scheduled on a bid by the company's unsecured creditors committee to file its own reorganization plan and disclosure statement.

The plan was filed in the U.S. Bankruptcy Court for the District of Delaware without an accompanying disclosure statement. Tropicana Entertainment's exclusivity period is set to expire Jan. 12.

The reorganization plan sets up procedures for the distribution of assets, including the establishment of a litigation trust....
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