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U.S. approves Icahn buy of Tropicana
December 14, 2009 / 4:27 PM / 8 years ago

U.S. approves Icahn buy of Tropicana

WASHINGTON, Dec 14 (Reuters) - U.S. antitrust regulators have approved the sale of Tropicana Atlantic City Casino and Resort to pre-bankruptcy lenders, including financier Carl Icahn.

A U.S. Bankruptcy Court in Camden, New Jersey, previously approved the sale of Tropicana’s Atlantic City casino in exchange for the lenders’ canceling $200 million of their secured debt, according to a statement issued by Tropicana Entertainment [TRPET.UL] in June.

The sale was on a Monday list of deals that have won approval from antitrust regulators. The Federal Trade Commission puts the list out several times a week.

Tropicana filed for bankruptcy protection in May 2008. It also owns the Tropicana Casino & Resort on the Las Vegas strip. In May the company said it would emerge from bankruptcy, in part due to $150 million in exit financing from Icahn.

On Friday, Icahn said he had teamed up with Beal Bank to present a restructuring plan for bankrupt Trump Entertainment Resorts TRMPQ.PK.

Icahn is also involved in the restructuring of the Fontainebleau Las Vegas. (Reporting by Diane Bartz; editing by John Wallace)

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