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Owner of Terrible's casino chain to seek bankruptcy
Tuesday, March 10, 2009 at 8:40:23 PM
Herbst Gaming, owner of the Nevada-based Terrible's Casino chain, said on Tuesday it plans to file a prearranged bankruptcy case to restructure its debt obligations.
Herbst, which operates 12 casinos in Nevada including Buffalo Bill's and Whiskey Pete's, said it had reached an agreement with bank lenders holding about 68 percent of its loans on the plan.
The company, which has more than $1 billion in debt outstanding, plans to operate as normal during the restructuring. Under a prearranged bankruptcy, companies are often able to move more quickly through the court process.
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