Riviera Holdings, Las Vegas Casino Owner, Files for Bankruptcy Protection
Riviera Holdings Corp., the owner of the Riviera Hotel & Casino in Las Vegas, filed for bankruptcy court protection under Chapter 11 in Nevada.
The company listed assets and liabilities of $100 million to $500 million each in a filing yesterday in U.S. Bankruptcy Court in Las Vegas. The company said in a statement that it has a restructuring agreement with the lenders who hold the majority of the secured claims under a $228 million credit agreement.
“By agreeing with our secured lenders in advance, we will be able to proceed with an expeditious restructuring through bankruptcy which will provide us with a viable capital structure, as well as additional financing,” Tullio Marchionne, the company’s general counsel, said in the statement.
Marchionne didn’t immediately return a call to his office after regular business hours yesterday.
The case is In re Riviera Holdings Corp., 10-22910, U.S. Bankruptcy Court, District of Nevada (Las Vegas.)
To contact the reporter on this story: Edvard Pettersson in Los Angeles at epettersson@bloomberg.net.
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