Hollywood Casino Shreveport bondholders committee responds to plan objections

By Caroline Salls

Pittsburgh, June 6 - Hollywood Casino Shreveport's official committee of bondholders responded to multiple objections to the company's joint plan of reorganization, according to a Monday filing with the U.S. Bankruptcy Court for the Western District of Louisiana.

The response was to objections brought by the official committee of non-bondholder creditors, Broadmoor/Roy Anderson Corp., Broadmoor, LLC and Black Diamond Capital Management, LLC.

According to the objections, the plan should not be confirmed because it does not maximize value for creditors.

In its response, the bondholder committee said there is no case that says a debtor has to show that it has "exercised a duty to maximize value to the estate" as a condition to plan confirmation.

The committee said the creditors only raised this opposition because Hollywood has not accepted any of Black Diamond's numerous purchase offers.

A plan confirmation hearing is scheduled for June 13.

Hollywood Casino Shreveport owns and operates a riverboat casino and hotel complex located on the Red River in Shreveport, La. Black Diamond and other creditors filed an involuntary bankruptcy case against the casino and resort company on Sept. 10, 2004. The Chapter 11 case number is 04-13259.

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