New Owner of Atlantic City’s Tropicana Somewhat of a Surprise
June 23rd, 2009
Tropicana Atlantic City Casino & Resort is set to come under new ownership, just over one year after owner Tropicana Entertainment L.L.C. filed for Chapter 11 protection. But it's not a big-name gaming company that will take over the property's reigns. The United States Bankruptcy Court in Camden, N.J., has green-lighted a "stalking horse" asset purchase agreement calling for pre-petition lenders--a group that includes billionaire investor Carl Icahn's Icahn Capital--to take hold of the asset in return for forgiving $200 million of debt owed by Tropicana.
Entry Filed under: News
Leave a Comment
Some HTML allowed:
<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <code> <em> <i> <strike> <strong>
Subscribe to the comments via RSS Feed