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Lenders to Tropicana: Sell Indiana Casino

LAS VEGAS-Secured lenders in the Tropicana Entertainment bankruptcy case want the company's Indiana casino sold according to a previously signed agreement.

By Brian K. Miller | Updated on August 25, 2008

LAS VEGAS-Secured lenders in the Tropicana Entertainment LLC Chapter 11 bankruptcy case told the court on Monday that it wants the debtor to complete the sale of its Evansville, IN casino as agreed to, prior to filing for bankruptcy.

The statement, made by the Committee of Senior Secured Lenders created by the bankruptcy court, was made in response to a motion filed earlier this month by would-be buyer Eldorado Resorts LLC of Reno, Nev., to compel Tropicana to decide whether to move forward with the sale prior to the existing Sept. 28 deadline.

Earlier this year, Eldorado agreed to buy Casino Aztar for at least $220 million [in the form of cash and a promissory note] and as much as $245 million, depending on the property’s performance during the first year under the new ownership. Tropicana declared bankruptcy about two months later, technically allowing them to get out of the agreement.

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