Las Vegas Monorail, trustees, bondholders need time to agree on plan

By Lisa Kerner

Charlotte, N.C., May 20 - Las Vegas Monorail Co., Wells Fargo Bank, NA as indenture trustee for the first tier bondholders, U.S. Bank NA as co-trustee and successor trustee for the second tier bondholders, Law Debenture Trust Co. of New York, the Director of the State of Nevada Department of Business and Industry, 1 Ambac Assurance Corp., the Office of the Commissioner of Insurance for the State of Wisconsin and Bombardier Transportation Holdings USA, Inc. stipulated through counsel hearing dates related to Las Vegas Monorail's bankruptcy cases, according to a Friday filing with the U.S. Bankruptcy Court for the District of Nevada.

Specifically, the hearings on the disclosure statement motion, the solicitation procedures motion and the classification motion are continued to June 8 from May 25.

The deadline for the first tier trustee and the first tier majority to file oppositions to the above matters is June 2, and the deadline for the debtor to file its replies to any such oppositions is June 6.

According to the filing, the parties are requesting additional time to clarify and finalize certain terms of an agreement between the debtor and the first tier majority, which may require modifications to the plan and disclosure statement.

The company, a Las Vegas non-profit monorail operator, filed for bankruptcy on Jan. 13, 2010. The Chapter 11 case number is 10-10464.

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