Station Casinos, lenders reach deal on withdrawal of examiner motion

By Caroline Salls

Pittsburgh, Dec. 28 - Station Casinos, Inc. requested court approval of a stipulation under which its independent lenders have agreed to at least temporarily withdraw its motion for appointment on examiner, according to a filing with the U.S. Bankruptcy Court for the District of Nevada.

Under the settlement, the examiner motion will be withdrawn without prejudice to the lenders' ability to re-file.

If the lenders do re-file the examiner motion, they have agreed not to do so before Feb. 10.

In addition, Station has agreed to have bi-weekly status conferences with the lenders and provide the lenders with information updates and due diligence materials. The company will also give the lenders copies of any offer to acquire a substantial portion of its estate within two business days of the offer.

The company has also agreed to pay the fees and expenses of the lenders' legal and financial advisers, subject to a cap of $300,000 per month.

A hearing is scheduled for Jan. 25.

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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