Herbst Gaming misses debt payment
LAS VEGAS ” Herbst Gaming says it is discussing a restructuring agreement with its lenders after missing a $5.1 million interest payment earlier in the week.
In a Security and Exchange Commission filing, the Las Vegas-based gambling operator says it extended its forbearance agreement with its banks until Feb. 2 in an attempt to restructure nearly $850 million in debt.
Herbst Gaming says it lost more than $101 million in the first nine months of 2008, compared with a net loss of $34.1 million for the same period a year earlier.
The company operated the Primm and Terrible’s casino chains, along thousands of slot machines in Nevada restaurants, bars, gas stations and locations outside of casinos.