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Bankruptcy Keyed to Levitan, 3rd Ed.
In re Greate Bay Hotel & Casino, Inc.
Citation:
251 B.R. 213 (2000)Facts
Greate Bay Hotel and Casino, Inc. (GBHC), owner of the Sands Hotel & Casino in Atlantic City, along with its parent company GB Holdings, Inc. and affiliate GB Property Funding Corporation, filed for Chapter 11 bankruptcy protection in January 1998. The debtors’ largest indebtedness was approximately $182.5 million in First Mortgage Notes. After several extensions of the exclusivity period and attempts to develop a consensual plan, two competing reorganization plans emerged: one proposed by High River (entities controlled by Carl Icahn) and another by Park Place Entertainment Corporation (the largest gaming company in the world). The High River plan proposed to buy 46.25% of the New Common Stock for $65 million in cash, with Old Noteholders receiving $110 million in New Notes and 53.75% of the equity. The Park Place plan proposed to buy 57.692% of the equity for $40 million, with Old Noteholders receiving $128 million in New Notes and 42.308% of the equity. Both plans were deemed confirmable by the court, requiring an analysis of which plan better served the interests of creditors.
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