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Tropicana Gets Looser DIP Terms

Law360 (March 17, 2009, 12:00 AM EDT) -- Tropicana Entertainment LLC can anticipate a smoother exit from bankruptcy protection now that a judge has approved changes to the $67 million debtor-in-possession facility that accommodate the casino owner’s unexpectedly anemic earnings.

Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware approved the amended DIP agreement Monday, allowing the debtors to proceed under an amended DIP agreement that modifies the earnings covenant and otherwise loosens restrictions on the debtors.

While Tropicana will benefit from the new terms, the DIP lenders, led...
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