Las Vegas Monorail, revenue bond trustee strike deal on extension

By Caroline Salls

Pittsburgh, May 10 - Las Vegas Monorail Co. requested court approval of an exclusivity extension stipulation based on the company's agreement to provide the revenue bond trustee with an initial draft of a plan of reorganization by May 25, according to a Friday filing with the U.S. Bankruptcy Court for the District of Nevada.

Under the stipulation, the trustee has agreed not to oppose the company's proposed exclusivity extension, provided that if the company does not file a plan acceptable to the trustee by June 11, the trustee can object to the continuation of the exclusive period and seek reconsideration of the extension.

As previously reported, Las Vegas Monorail has asked the court to extend its exclusive filing period to Aug. 17 from May 19 and the solicitation period to Oct. 18.

As a result of contested case dismissal and cash collateral motions and the uncertainties associated with those motions, the company said it was unable to devote time or resources to formulate a plan.

In light of the possibility that the case could be dismissed, the company said it would not be wise to formulate a plan before the dismissal ruling.

A hearing is scheduled for May 19.

The company, a Las Vegas non-profit monorail operator, filed for bankruptcy on Jan. 13. The Chapter 11 case number is 10-10464.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.