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Article: GRAND CASINOS ANNOUNCES PLAN FOR FINANCIAL RESTRUCTURING OF STRATOSPHERE CORPORATION.
- Article from:
- Business Wire
- Article date:
- January 6, 1997
CopyrightCOPYRIGHT 1997 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MINNEAPOLIS--(BUSINESS WIRE)--Jan. 6, 1997--
INVESTMENT WRITE-DOWN TO BE RECOGNIZED
Grand Casinos, Inc. (NYSE:GND) today announced that the company, together with Stratosphere Corporation and an Ad Hoc Committee representing the holders of more than 57 percent of Stratosphere's 14 1/4 percent First Mortgage Notes, has reached an agreement-in-principal for the restructuring of the Notes and the equity capitalization of Stratosphere. A consensual Chapter 11 bankruptcy reorganization of Stratosphere Corporation is expected to be presented to Federal Bankruptcy Court in Nevada later this month. The agreement-in-principal will expire unless a plan of ...