LOS ANGELES, June 17, 2011 – The law firm Milbank, Tweed, Hadley & McCloy LLP spearheaded the emergence of Station Casinos from the largest-ever in-court restructuring of a gaming company. The successful conclusion of the complex 2-year bankruptcy process means that the Company’s 18 casino and hotel properties will remain together under the Station Casinos’ umbrella. Nearly 13,000 local jobs in Las Vegas were preserved. The Company’s founding Fertitta family will maintain a 45% equity stake as a result of the reinvestment of nearly $200 million. Several banks and investment funds will own the remaining equity interests. Frank Fertitta and his existing management team will manage and operate all of the Company’s properties through a separate management company, Fertitta Entertainment. The Company emerges from bankruptcy with a much improved balance sheet, having reduced its overall debt load from approximately $6.5 billion to approximately $2.5 billion.
The Milbank team was led by Corporate partner Ken Baronsky and Financial Restructuring partner Paul Aronzon, together with Financial Restructuring partner Thomas Kreller; Corporate partners Brett Goldblatt, Deborah Ruosch and Adam Moses and of counsel David Isenberg; Real Estate/Hospitality partners Peter Benudiz and David Lamb; Finance partner Albert Pisa; Tax partner Russell Kestenbaum; Intellectual Property partner Mark Scarsi and Litigation partners Linda Dakin-Grimm and Dan Perry.
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