Station Casinos reorganization plan approved by majority of creditors

By Caroline Salls

Pittsburgh, Aug. 25 - Station Casinos, Inc.'s plan of reorganization was accepted by a majority of voting creditors, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Nevada.

The plan was unanimously approved by the two holders of $2 billion in pre-bankruptcy mortgage loan guaranty claims against FCP Holding Inc. and Fertitta Partners, LLC, the two holders of $200 million in mezzanine I loan claims against FCP MezzCo Borrower I, LLC, the one holder of $175 million in mezzanine II loan claims against FCP MezzCo Borrower II, LLC, the two holders of $300.34 million in mezzanine III loan claims against FCP MezzCo Borrower III, LLC, the two holders of $225.44 million of mezzanine IV loan claims against FCP MezzCo Borrower IV, LLC and the one holder of $75.25 million of mezzanine V loan claims against FCP MezzCo Borrower V, LLC.

The plan was also unanimously approved by the two holders of $1.80 billion in pre-bankruptcy mortgage loan claims against FCP PropCo LLC, the one holder of $598 million in master lease rejection damage claims against Station Casinos, the two holders of $2.00 in mortgage lender claims against Station Casinos and the two holders of $2 billion in pre-bankruptcy mortgage loan guaranty claims against FCP VoteCo, LLC.

In addition, eight holders, or 80% in number, of $554.36 million, or 99.13% in amount, in pre-bankruptcy Opco credit agreement guaranty claims against River Central, LLC, pre-bankruptcy Opco secured claims against Station Casinos and pre-bankruptcy Opco credit agreement guaranty claims against Tropicana Station, LLC voted to accept the plan, while two holders, or 20% in number, of $4.89 million, or 0.87% in amount, of these claims voted to reject it.

A total of 10,022 holders, or 99.99% in number, of $197.06 million, or 97.58% in amount, of general unsecured claims against Station Casinos voted to accept the plan, while two holders, or less than 0.01% in number, of $4.89 million, or 2.42% in amount, of these claims voted to reject it.

A total of 368 holders, or 82.7% in number, of $665.94 million, or 84.78% in amount, of senior notes claims against Station Casinos voted to accept the plan, while 77 holders, or 17.3% in number, of $119.54 million, or 15.22% in amount, of these claims voted to reject it.

A total of 362 holders, or 76.69% in number, of $994.03 million, or 73.64% in amount, of subordinated notes claims against Station Casinos voted to accept the plan, while 110 holders, or less than 23.31% in number, of $355.79 million, or 26.36% in amount, of these claims voted to reject it.

The plan confirmation hearing is scheduled for 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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