Las Vegas Monorail amended plan gets OK from voting creditors

By Caroline Salls

Pittsburgh, April 27 - Las Vegas Monorail Co.'s amended plan of reorganization was accepted by a majority of voting creditors, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Nevada.

All three holders of $309.2 million of general unsecured claims voted to accept the plan, as did the one holder of $20.53 million of class Ambac surety bond secured claims, the one holder of $1.00 in class Ambac Insurance secured claims, the one holder of $20.53 million of Ambac surety bond unsecured claims, the one holder of $1.00 of class Ambac Insurance unsecured claims and the one holder of $230,713 of director's claims.

Meanwhile, 206 holders, or 89.96% in number, of $458.08 million, or 90.30% in amount, of first-tier bond secured claims voted to accept the plan, while 23 holders, or 10.04% in number, of $49.24 million, or 9.70% in amount, of those claims voted to reject it.

In addition, 206 holders, or 91.56% in number, of $458.08 million, or 90.34% in amount, of first-tier bond unsecured claims voted to accept the plan, while 19 holders, or 8.44% in number, of $49.99 million, or 9.66% in amount, of those claims voted to reject it.

The plan confirmation hearing is scheduled for April 30.

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

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