Lake Las Vegas Reaches Consensual Agreement on Debtor-in-Possession Financing; Receives Court Approval to Enter into $127 Million Post-Petition Financing Agreement
LAS VEGAS--(Business Wire)--
Lake Las Vegas today received Court approval to enter into a $127
million debtor-in-possession financing agreement. Company told the
U.S. Bankruptcy Court for the District of Nevada in Las Vegas, the
Hon. Linda B. Riegle presiding, that it had reached a consensual
agreement with various creditors and the Official Committee of
Unsecured Creditors on the terms of the $127 million facility from a
group of lenders led by Credit Suisse as agent.
"We are gratified by the Court's decision today and particularly
appreciative of the work of the Creditor Committee, individual
creditors, lenders and their representatives in diligently working
together to craft an agreement," said Frederick Chin, president and
CEO of Lake Las Vegas.
Lake Las Vegas is a 3,600-acre master-planned residential and
resort community adjacent to Lake Mead National Recreational Area and
20 miles east of the center of Las Vegas. It includes a 320-acre
man-made lake, three signature golf courses and more than 1,600
completed residential units. LLV and its subsidiaries employ
approximately 260 people.
Three hotels, The Ritz-Carlton, The Loews Lake Las Vegas Resort
and the MonteLago Village Resort operate on the property, as does the
Casino MonteLago and the MonteLago Village shops and restaurants. None
of these businesses are included in LLV's Chapter 11 filing.
Sitrick and Company
Sandra Sternberg
310-788-2850
213-709-2158
Copyright Business Wire 2008
