Hooters Casino, Seaarland, Central Falls, Awal: Bankruptcy BusinessWeek
(This report contains items about companies both in bankruptcy and not in bankruptcy. Adds Hooters Casino Hotel as first item, Hudson Healthcare and Old Corkscrew Plantation in New Filings and Dodgers, Quigley and Omega Navigation in Updates.)
Aug. 2 (Bloomberg) -- The Hooters Casino Hotel filed for Chapter 11 protection late yesterday to stop a scheduled Aug. 8 foreclosure of the second-lien debt. The 696-room hotel and casino adjacent to MGM Grand on the Las Vegas Strip is owned by 155 East Tropicana LLC.
The two secured credit facilities were accelerated early this year. Canpartners Realty Holding Co. IV LLC acquired 98.4 percent of the $130 million in 8.75 percent second-lien senior secured notes. Canpartners bought the debt at a “substantial discount,” the casino said in a statement.
An additional $32.2 million of interest is owing on the second-lien debt. US Bank NA is indenture trustee.
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