Casino Chain Files Ch. 11 Plan With Lenders' Blessing

Law360, New York (March 23, 2009, 12:00 AM EDT) -- With the initial seal of approval from some of its largest lenders, Herbst Gaming Inc. has submitted a prepackaged Chapter 11 plan that it says will help it disperse and reorganize nearly $1 billion in debt while maintaining its normal gaming operations.

The plan, filed in the U.S. Bankruptcy Court for the District of Nevada, details the restructuring agreement Herbst announced it had reached earlier this month with senior lenders holding roughly 68 percent of its secured debt.

The plan effectively splits Herbst into two different...
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