RENO (AP) - A Reno bankruptcy judge has approved a Station Casinos Inc. reorganization plan after creditors signed off on the deal that gives them an ownership stake and wipes $4 billion debt off company books.
U.S. Bankruptcy Judge Gregg Zive endorsed the plan after an hourlong hearing Friday. Nevada gaming regulators and the National Indian Gaming Commission must confirm the new corporate ownership structure.
Station Casinos claimed $6 billion in debt when it filed for Chapter 11 bankruptcy reorganization in July 2009. The company is expected to emerge from bankruptcy with a more manageable $2 billion debt.