CPPI, a wholly owned subsidiary of the Claridge Hotel and Casino Corp., and Boardwalk Associates, a.k.a. the Partnership, will sell the Claridge Casino Hotel here to Park Place Entertainment Corp. CPPI Board of Directors' financial advisors estimate its creditors will receive an approximately 83% recovery of the total claim of $90.5 million.
The closing of the sale will take place shortly on May 31, providing the New Jersey Casino Control Commission approves the deal. The effective date, which is the record date for distributions to the creditors, will be June 1. Shortly after that time, unsecured creditors will also receive a return. The estimated recovery is an approximately 61.5% return.
CHCC and CPPI filed Chapter 11 in August 1999. The Partnership followed suit in October 1999.
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