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Tropicana could emerge from bankruptcy in April

24 Mar 2009

By Arnold M. Knightly

LAS VEGAS, Nevada -- Tropicana Entertainment has reached agreements with creditors that could see the once-embattled casino company emerge from Chapter 11 bankruptcy in late April or May.

The Las Vegas-based gaming company began distributing ballots on its restructuring plan to its debt holders, who have until April 17 to vote on the plan.

The plan generally calls for secured debt to be converted to common stock, with unsecured debt holders receiving warrants, interest in a litigation trust and cash for certain creditors.

Bill Yung III, who owned the company prior to bankruptcy, will see his ownership stake canceled and he will not hold any positions in the company.

The U.S. Bankruptcy Court in Delaware has scheduled hearings on the proposal and vote for April 27.

Tropicana Entertainment owns the Tropicana on the Strip, Tropicana Express and River Palms in Laughlin, two properties in Northern Nevada and a few others across the United States.

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