Boyd Gaming Rejected From Station’s Bankruptcy Hearing
The Bankruptcy Court temporarily extended the time period for Station Casino’s to submit its own restructuring plan, while they wait to hear arguments from creditors in December.
Judge Gregg Zive rejected the request made by Boyd Gaming (BYD: 9.03 -1.31%) to participate in Friday’s hearing to appointing an examiner to review Stations financing, on the position that the request was made to late.
The judge also questioned the rival gaming companies standing in the case, although they revealed that they have acquired approximately $2 million in senior unsecured bonds since March.
Station rejected Boyd’s offer to purchase some or all of Station’s Las Vegas assets for $950 million in February.
Independent lenders backing Boyd’s request to seek an examiner to review Station’s rejection of the sale, withdrew their request after the Judge refused to let Boyd participate in the hearing.
Attorneys representing Station told the judge that an agreement had been reached with lenders to provide biweekly status meetings, provide them with financial reporting and share information regarding future offers made by Boyd.
Boyd Gaming officials said they were still interested in acquiring Stations assets and that they looked forward to the outcome of Decembers hearing.
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