Station Casinos stalking horse bidder named high bidder by court

By Caroline Salls

Pittsburgh, Aug. 10 - Station Casinos, Inc.'s stalking horse bid was named the successful bid Monday by the U.S. Bankruptcy Court for the District of Nevada.

As previously reported, Station independent director James E. Nave said last week that the $772 million stalking horse bid was the only qualified bid received for substantially all of the company's operating assets.

The stalking horse bidder is FG Opco Acquisitions LLC, a newly formed company to be owned by Fertitta Gaming, Colony Capital and the mortgage lenders to FCP Propco, LLC.

Nave said two "non-conforming" bids were submitted by other parties, but those offers did not comply with the court-approved bidding procedures because the bidders did not submit letters of intent on time.

In all, the director said the company received eight letters of intent. Of those, seven parties were told they could submit a bid, and one was disqualified because of financing issues.

As of the July 30 bid deadline, Nave said none of the qualified bidders submitted an offer, leaving only the stalking horse bid.

The court rejected all other letters of intent, bids or expressions of interest.

The sale hearing will be held in conjunction with the company's plan of reorganization confirmation hearing, which is scheduled to begin on Aug. 27.

Station Casinos, a Las Vegas-based casino company, filed for bankruptcy on July 28, 2009. Its Chapter 11 case number is 09-52470.

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