Regulators approve Herbst bankruptcy plan
LAS VEGAS (AP) – Gambling regulators in Nevada have approved a bankruptcy plan for Herbst Gaming that would lower the casino operator’s long-term debt to $350 million from $1.2 billion.
The Las Vegas Review-Journal reported the plan would let Herbst emerge from bankruptcy by the end of the year.
The plan calls for lenders including Silver Point Capital to take over the company from the founding Herbst family.
Herbst operates 15 casinos in Nevada, Iowa and Missouri. It also has slot machines in bars, restaurants and other stores.