Corporate News: Station Casinos Delays Filing
Station Casinos Inc. said Tuesday it delayed an expected bankruptcy filing to continue negotiating with lenders on a pre-packaged bankruptcy plan.</br></br>The Las Vegas-based casino company, its lenders and bondholders have accepted a 30-day extension, until May 15, to reach agreement on a plan, company spokeswoman Lori Nelson said. If the parties do not agree on a plan by then, they could extend negotiations, or the company could file for bankruptcy-court protection without a pre-packaged plan.</br></br>The Las Vegas casino industry is struggling with a dramatic decline in consumer spending and heavy debt loads taken on to fund big expansion plans and buyouts.</br></br>Station, which caters to residents of the Las Vegas area, has been among the hardest hit as unemployment in Nevada soared and thousands of casino workers have lost their jobs, or had their work hours reduced.</br></br>As of December 2008, Station had $5.78 billion in debt, mostly taken on to fund a private buyout of the company by its founders, the Fertitta family, and Los Angeles-based investment firm Colony Capital LLC.