Auction of most properties set for August 6
A judge has ruled that the bankrupt Station Casinos Inc. can proceed with plans to auction most of its properties.
U.S. Bankruptcy Judge Gregg Zive denied a request by some Station creditors to stop the Aug. 6 auction while they pursue appeals. These unsecured creditors are seeking to overturn Zive’s decision to permit a sale of part of the casino company.
The committee of unsecured creditors still has may ask a U.S. District Court judge to halt the auction, according to its lawyer, Brett A. Axelrod of Fox Rothschild LLP.
The Reno judge is overseeing Station’s reorganization, which involves breaking the Las Vegas-based company into two parts, each of which would be taken over and reassembled by a partnership led by Station Chairman Frank Fertitta and Vice Chairman Lorenzo Fertitta. The Fertittas and their partners first must win the auction for a majority of Station’s 18 casinos.
Judge rules Station Casinos can proceed with auction
June 23, 2010