Centaur seeks approval of bid procedures for Denver casino sale

By Lisa Kerner

Charlotte, N.C., June 30 - Centaur, LLC asked the court to approve bid procedures for the sale of substantially all the assets of Centaur Colorado, LLC to Luna Gaming Central City LLC for $7.5 million in cash plus adjustments or to the highest bidder, according to a Tuesday filing with the U.S. Bankruptcy Court of the District of Delaware.

The assets include the Fortune Valley Hotel & Casino located 40 miles west of Denver.

A hearing will be held on July 28.

The bid procedures include payment of a $400,000 break-up fee to Luna under certain circumstances.

An initial overbid must be $650,000 more than the purchase price. Subsequent bids must be in increments of $250,000.

An auction, if necessary, will be held on Aug. 23, and a sale hearing will be held on Aug. 25.

Centaur, an Indiana-based gaming and horseracing company, filed for bankruptcy on March 6. The Chapter 11 case number is 10-10799.

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