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Boyd advances effort to acquire Station Casino's assets
Las Vegas Sun,
Tuesday, November 3, 2009 at 8:15:56 PM
Boyd Gaming Corp. of Las Vegas stepped up its campaign over the weekend to buy some or all of the assets of bankrupt competitor Station Casinos Inc.
In a rare Sunday court filing, Boyd said it supports a motion by a minority group of lenders that an examiner be appointed to study Station's finances.
Station, taken private by members of the founding Fertitta family and Colony Capital of Los Angeles in 2007, filed for bankruptcy protection in July after the recession reduced revenue at its hotel-casinos and it was unable to service its debt -- last reported at $6.49 billion.
The Las Vegas company has been resisting the request by the group of minority lenders that an examiner be appointed to look into how the 2007 deal affects creditors today. Bankruptcy Judge Gregg Zive has already approved a request by the case's Official Committee of Unsecured Creditors to hire a law firm to investigate that and other issues.
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