Green Valley Ranch Resort was not part of Station Casinos’ 2009 bankruptcy. $750 million in secured debt as the recession reduced revenue and cash flow at the hotel-casino.

In court filings last year, Station Casinos warned that Green Valley Ranch Resort could default on more than The unsecured creditors claim the $500 million sale price for Green Valley Ranch is low, and undercut by “historical cash flows potentially depressed by the wrongful acts of insiders.” They also questioned whether cash flow projections made by the company “may significantly understate Green Valley Ranch’s earning capacity.” In the 39-page motion, attorneys allege “preliminary diligence of the plan has uncovered numerous red flags,” including “concerns of insider dealing.”Īttorneys also alleged the sale of substantially all the assets to an entity controlled by Station Casino was “dictated by insiders … and unsecured creditors (other than those favored by the insiders) are to receive nothing on account of their claims.” Station Casinos spokeswoman Lori Nelson on Wednesday declined to comment on the allegations. The unsecured creditors are asking federal bankruptcy Judge Gregg Zive in Reno to delay a May 25 hearing to approve the sale as part of the voluntary prepackaged bankruptcy filing for Station Casinos. Bankruptcy Court in Reno, accusing the buyers, led by the Fertitta family, of being on both sides during the negotiations. Station Casinos LLC, the company formed to buy most of the assets of bankrupt Station Casinos Inc., in March announced a deal with lenders to buy Green Valley Ranch Resort for $500 million.Īttorneys for the committee of unsecured creditors - MFS Investment Management, Panton Capital Group and Babson Capital Management LLC - filed the motion Monday in U.S. Station Casinos’ efforts to keep Green Valley Ranch Resort part of the Las Vegas locals gaming company have been challenged after attorneys representing unsecured creditors asked a federal bankruptcy judge to delay a decision on the sale of the hotel-casino.

Green town casino