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Examiner Appointed for Fontainebleau Sale

LAS VEGAS-Jeff Truitt of XRoads Solutions Group will move forward with the sale of the stalled $3-billion casino resort out of Ch. 11 bankruptcy.

By Brian K. Miller | Updated on October 19, 2009

LAS VEGAS-The judge in the Fontainebleau bankruptcy case on Friday had the US Trustee appoint an examiner to complete the sale of the stalled $3-billion casino resort. The future of the project is now in the hands of Jeff Truitt of XRoads Solutions Group.

Truitt is a principal in the Santa Ana, CA-based consultancy’s corporate restructuring unit. He specializes in recapitalizing financially distressed gaming and hospitality businesses. Truitt did not make himself available Monday afternoon for comment on the assignment.

US Bankruptcy Judge A. Jay Cristol in Miami in early October ordered both sides to court to show cause why he should not appoint an examiner to accelerate the sale of the 63-story, 3,800-room casino resort. The development was 70% complete when construction was halted this spring, shortly final-stage lenders decided not to provide the money they promised, an event that precipitated the developers’ Ch. 11 bankruptcy filing and its related lawsuit.

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