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Tropicana nears deal to avoid bankruptcy
Wednesday, December 19, 2007 at 7:21:05 PM
Tropicana Casinos and Resorts is close to a deal with its lenders that would prevent it from having to file for bankruptcy.
The deal, which could be approved by debt holders on Thursday, is designed to avoid harming Tropicana's casinos in other states, including Nevada. That's where regulators said this week they would more closely examine the company's operations in light of its having lost a license to operate the Tropicana Casino and Resort in Atlantic City.
New Jersey's Casino Control Commission on Wednesday extended the authority of a former state Supreme Court Judge, Gary S. Stein, who had been overseeing the Tropicana as a trustee since the license denial a week ago.
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