Casino Chain Seeks Prepack Ch. 11 To Manage Debt

Law360, New York (March 11, 2009, 12:00 AM EDT) -- Herbst Gaming Inc. has announced its intent to file for Chapter 11 despite posting relatively healthy profits for its chain of casinos, saying it expects to expedite the proceedings through a prearranged plan that has already been approved by bank lenders holding approximately 68 percent of the company's $1 billion debt.

A Herbst spokesperson said on Tuesday that the company will move forward with filing its Chapter 11 plan – which still must be approved by the U.S. Bankruptcy Court and gaming officials in Nevada, Missouri...
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