Station Casinos Reject Boyd’s Position in Bankruptcy Filing
Station Casinos filed a motion with the U.S. Bankruptcy Court in Nevada, on Thursday, stating that Boyd Gaming (BYD: 8.51 0.00%) does not have standing in the company’s bankruptcy proceedings.
Earlier this month, Boyd filed a motion with the bankruptcy courts asking that potential buyers be permitted to submit reorganization plans for the financially troubled company. As well as, asking the court to appoint an examiner to independently evaluate the company’s assets.
Boyd Gaming has been accused by Station casinos of “attempting to improperly manipulate the bankruptcy process” in an attempt to dismantle a competitor’s assets.
Station had responded by asking the courts to deny the request, stating that Boyd was attempting to gain access to confidential business information to gain a competitive advantage.
Station rejected an offer from rival gaming company to purchase a large portion of Station Casino’s Las Vegas gambling operations for $950 million.
A spokesman for Boyd commented that, “One purpose of our motion was to correct this mischaracterization and to make our serious interest in acquiring these assets crystal clear. The bankruptcy court will determine how these issues are resolved and we look forward to participating in that process.”
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