Posts Tagged ‘bankruptcy’

Majestic files for bankruptcy

Las Vegas based land casino, Majestic star files for bankruptcy.  Majestic recently defaulted on an $80 million loan and has therefore had to file for bankruptcy.  The recession has been to blame according to the casino owner but they will not be pulling out of the overall casino business he commented.  Lehman Brothers has about $46.3 million in the casino and Goldman Sachs $64 million.  According to associated press Majestic star owed $750 million at the end of June and was worth about $405 million.

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Kerkorian taken on by Icahn in big vegas showdown

Carl Icahn is pushing MGM Mirage to restructure its bankruptcy.  Mr Icahn has aquired hundreds of millions of dollars in MGM Mirage debt, he has told MGM Mirage that they would support a restructuring in court.  Kerkorian holds a 53% stake in MGM Mirage which is valued at around $900 million, down from $14.9 billion in 2007.  A bankruptcy for MGM Mirage would be spectacular in a string of implosions seen all across Las Vegas with small casinos falling bankrupt regulary at the moment.

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