Station Casinos Inc. Files for Bankruptcy

Station Casinos Inc. filed for bankruptcy protection this week to start the asset sale that is part of its parent company's reorganization plan. 

This includes affiliates like Fiesta Station Inc. that has already listed assets of $500 million and debts exceeding $1 billion. The company opted for a Chapter 11 reorganization plan and filed in the U.S. Bankruptcy Court in Reno, Nevada. A sale has already been arranged for Green Valley Ranch Resort, Spa and Casino; it will be purchased by a group led by the Fertitta family for $500 million. 

The Fertitta family will restructure Green Valley Ranch along with Station Casinos, and hopes to exit bankruptcy protection this year. The reorganization plan will be executed by Chairman Frank Fertitta, Vice Chairman Lorenzo Fertitta, along with their partners. 

Back in 2009 the company filed for bankruptcy protection after its debts skyrocketed due to a leveraged buyout by the Fertitta family.

Are you planning to file for bankruptcy in Chicago?  If so, it is in your best interests to consult with a Chicago bankruptcy attorney first!  Contact our law office today.