Station Casinos granted interim access to $75 million of DIP financing

By Caroline Salls

Pittsburgh, July 31 - Station Casinos, Inc. was granted interim access to $75 million of its $150 million debtor-in-possession facility from wholly owned unrestricted subsidiary Vista Holdings, LLC, according to a Friday filing with the U.S. Bankruptcy Court for the District of Nevada.

The final hearing is scheduled for Sept. 2.

Interest will be Libor plus 250 basis points.

The facility will mature on the earliest of Feb. 10, 2010, 75 days after entry of the interim order if a final order has not been entered and 10 business days after the effective date of a plan of reorganization.

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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