Court Approves Financial Plan, Settlement for Silver Legacy
Circus and Eldorado Joint Venture (the "Partnership") today announced that the court presiding over the Partnership's chapter 11 cases has confirmed the Partnership's proposed consensual plan of reorganization and approved the settlement agreement between the Partnership, the two largest holders of the Partnership's 10 1/8% Mortgage Notes due 2012 (the "Notes"), and the indenture trustee for the Notes. The Plan has the overwhelming support of the Partnership's creditors and provides that the unsecured creditors of the Partnership will be paid in full and the holders of the Notes will receive a combination of cash and new second lien notes. The court also approved the Partnership's entry into a commitment letter (the "Commitment Letter") with Wells Fargo and certain of its affiliates for a new $70 million senior secured credit facility (the "New Credit Facility") that will provide a portion of the exit financing associated with the Plan.
"We are very pleased that our plan has been confirmed and look forward to consummating the plan in the coming weeks. We have remained very focused on our business and our players, guests and team members throughout our restructuring and are excited to emerge as a financially stronger company," said Gary Carano, chief executive officer of the Partnership.
The consummation of the Plan and the New Credit Facility are subject to the satisfaction of certain conditions as set forth in the Plan, the court's confirmation order and the various credit documents evidencing the New Credit Facility. As a result, there can be no assurance that the Plan or the New Credit Facility will be consummated.
Sunday, May 19 2013 12:24 AM EDT2013-05-19 04:24:52 GMT
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