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Tropicana Entertainment prepares to leave Chapter 11
Tropicana Entertainment could emerge from Chapter 11 in May this year, following approval of the company's Disclosure Statements by the Delaware Bankruptcy Court.
Tropicana filed for protections from its creditors last May and hopes to leave Chapter 11 this Spring with a completely revamped ownership and management structure. Former owner William J. Yung, III, who resigned as CEO and a Director, will have no equity interests and will hold no positions in the newly-constituted companies.
"The Court approval of our disclosure statements means that we move another step closer to emerging from Chapter 11 and implementing our business plans," said Tropicana CEO Scott C. Butera. "The ruling marks the culmination of an intense 10-month process during which the new Board and senior management team have worked hard to repair our regulatory and community relationships and to prepare our people and systems to compete in today's challenging market."
The next step in the process is for the company to solicit creditors' votes to approve the plans in April, which could allow Tropicana the to emerge from Chapter 11 this May.
