James Kent Law - LTD

A development in the Station Casinos Inc. bankruptcy case Wednesday may clear the way for the Las Vegas company to avoid continued litigation as it emerges from bankruptcy with the founding Fertitta family still in control. Station filed court papers saying it has reached a settlement with bondholders owed $2.8 billion who have been fighting Station’s reorganization plans.

An attorney for Station Casinos has revealed that settlement talks are under way with bondholders who are owed $2.5 billion by the company, which is in bankruptcy reorganization.

Bondholders in the Station Casinos Inc. bankruptcy case have renewed their request that they be allowed to sue Station insiders over the 2007 deal that took the Las Vegas company private.

Platoons of attorneys in the Station Casinos Inc. bankruptcy case have more work to do as new objections are being filed in the Las Vegas company’s complex bankruptcy case. Attorneys for Station and its creditors are also preparing for hearings July 15-16.

Two Las Vegas casino companies are resisting efforts by bondholders to have action in their bankruptcy cases delayed while bondholders appeal adverse rulings.

Bondholders standing to lose $2.5 billion in the Station Casinos Inc. bankruptcy case moved Tuesday to delay the Las Vegas company’s auction process while they appeal a court ruling.

RENO – A federal bankruptcy judge has approved plans by Station Casinos to auction off 11 of its gambling properties to satisfy some creditors.

RENO – Bankruptcy Judge Gregg Zive ruled today that an informal committee of employees of Station Casinos Inc. has no standing to participate in Station’s bankruptcy proceedings.

Hearings resume Thursday on Station Casinos Inc.’s plan to reorganize, involving lenders foreclosing on some of Station’s Las Vegas casinos and hotels being auctioned off.

Station Casinos Inc. today said it lost $53.5 million in the first quarter as it spent $19.3 million on its bankruptcy reorganization. The loss compares to a loss in 2009’s fourth quarter of $33.7 million.