Station Casinos seeks to extend exclusive filing period for 120 days

By Susanna Moon

Chicago, Oct. 26 - Station Casinos, Inc. sought to extend its exclusive periods to file a plan of reorganization and to solicit votes on the plan for 120 days, according to a Friday filing with the U.S. Bankruptcy Court for the District of Nevada.

The company's exclusive plan-filing period was extended to March 25 from Nov. 25 and the solicitation period to May 24, 2010 from Jan. 24.

"The Chapter 11 cases are extremely large and complex, perhaps among the largest Chapter 11 cases ever filed in the District of Nevada," Station said in the filing. "The filings were precipitated by a severe economic recession that continues unabated."

"The debtors' businesses have been and continue to be negatively impacted by the continuing recession. The financial performance of many of the debtors' key business units have yet to stabilize, making valuation of the debtors' businesses and assessment of their future prospects - and therefore the formulation of a plan of reorganization - extraordinarily challenging."

Station, a Las Vegas-based casino company, filed for bankruptcy on July 28. Its Chapter 11 case number is 09-52470.

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