Feb
28
Need a little more than a personal bankruptcy lawyer for this:
Boyd Gaming is offering to purchase Station Casinos as part of a reorganization plan or a bankruptcy auction.
In a letter delivered to Station’s board of directors today, Boyd Chief Executive Officer Keith Smith said his company is prepared to offer about $950 million for most of the company’s casinos, excluding Red Rock Resort, Boulder Station, Palace Station and Sunset Station. Boyd is also interested in purchasing Station’s remaining casinos for a yet-to-be-determined price.
For now, Boyd’s offer includes Texas Station, Aliante Station, Sante Fe Station, Green Valley Ranch and the Fiesta casinos.
Smith said Boyd’s offer would offer “superior recovery” for bondholders relative to Station’s recent offer, which asks bondholders to forgive a significant portion of the company’s debt by exchanging their bonds for ones worth less money.
As of year-end 2008, Boyd had about $2 billion in cash under a revolving line of credit — enough to finance a cash transaction, the letter said.
Source: Las Vegas Sun
