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Station Casino cleared to turn over Aliante to lenders

Bloomberg.com,  Thursday, May 26, 2011 at 10:44:58 AM

Station Casinos Inc., the biggest U.S. gambling company in bankruptcy, won court permission to turn over its Aliante Station casino to lenders owed more than $378 million.

U.S. Bankruptcy Judge Gregg W. Zive, in Reno, Nevada, approved a reorganization plan for the 40-acre property, owned by Las Vegas-based Station and closely held Greenspun Corp. They will hand over the resort to creditors for less than its original $662 million cost.

In March, two people familiar with the deal told Bloomberg News that TPG Capital and Apollo Global Management LLC are among the lenders that will take over Aliante. The private-equity firms bought Aliante debt at a discount and are among the biggest holders, the people said.

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