Tropicana situation (was Re: question from ...)

[External Poster]

This posting is from: annie
----------

>Do you have any other info concerning the Trop? Are we
>making a mistake in staying there?

This was just posted on one of the LV boards this
weekend ...

+16-Feb-08 08:31 am Tropicana facing $200 million shortfall

+A Wall Street analyst report said yesterday that
+Tropicana Entertainment L.L.C. would face a $200
+million shortfall to pay off a $1.3 billion debt note
+even after selling its three casinos in Atlantic City;
+Vicksburg, Miss.; and Evansville, Ind. The shortfall
+means "additional assets needed to be sold to satisfy
+the bank group's deficiency," said the Deutsche Bank
+report, released on the same day that Tropicana
+executives held a conference call with lenders to
+update them on the sale of the three assets. This
+month, Wilmington Trust Co., on behalf of certain
+bondholders, filed a lawsuit in Delaware against
+Tropicana Entertainment, contending that former
+Tropicana owner Columbia-Sussex Corp.'s reckless
+management led to the casino's being stripped of its
+license by the New Jersey Casino Control Commission in
+mid-December and that the company defaulted on a $960
+million debt note. Last week, Tropicana sought to have
+part of the suit thrown out.

+- Suzette Parmley

----------
(This posting was entered by annie, an external user of MyDLV.)