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Hollywood Casino Shreveport extends deadline in Eldorado agreement
New York, Oct. 1 - HCS I Inc., the managing general partner of Hollywood Casino Shreveport, said it extended the deadline for finalizing acquisition documents in its agreement with Eldorado Resorts LLC.
The companies must now enter into the agreement by Oct. 20 instead of Sept. 30 previously.
At the end of August, Eldorado and Hollywood Casino Shreveport announced that Eldorado would acquire Hollywood Casino Shreveport.
The proposal calls for Hollywood Casino Shreveport secured noteholders to exchange their $189 million of notes for $140 million of new first mortgage notes, $20 million of pay-in-kind preferred equity securities, a 25% non-voting equity interest in the reorganized company and a cash amount to be determined.
The Shreveport, La.-based Hollywood Casino Shreveport plans to do the restructuring through a prepackaged Chapter 11 that it will file in the fourth quarter.
The agreement is subject to noteholder approval, regulatory approvals and U.S. Bankruptcy Court approval.
Hollywood Casino Shreveport has been in default on its notes since March 2003. The company started talks with an ad hoc committee of noteholders and then starting looking into a sale or some other transaction to help the company.
Eldorado owns and runs the Eldorado Hotel & Casino in Reno, Nev. The company also is a joint venture partner with the Mandalay Resort Group in the Silver Legacy Resort Casino, also in Reno.
However, since the agreement was announced some of Hollywood Casino Shreveport's creditors have begun an involuntary Chapter 11 proceeding against the company. The case number for that action is 04-13259.
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