Stations Casinos Asks for Bankruptcy Protection

LAS VEGAS (AP) - Station Casinos Inc. says it is asking
bondholders to support a restructuring plan that would reduce the
casino operator's debt and interest expenses.

The private company based in Las Vegas said late Tuesday that
its owners, the Fertitta family and Colony Capital LLC, will
contribute up to $244 million in cash if bondholders agree to the
plan.

After bondholders vote on the plan, the company would file for
Chapter 11 bankruptcy protection.

The company says it chose not to make a scheduled $14.6 million
interest payment Tuesday to holders of $450 million in notes
because of the plan.

Station says it has $350 million in cash on hand to pay expenses
and fund operations as of Jan. 31.

(Copyright 2009 by The Associated Press. All Rights Reserved.)


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