Station Casinos gets fourth extension on debt plan, new deadline July 17 to OK restructuring

Station Casinos gets fourth extension on debt plan

LAS VEGAS — Station Casinos Inc. says it is continuing to negotiate a restructuring plan with bondholders and has extended its deadline to next month.

The Las Vegas-based private casino operator said in a Monday filing with the Securities and Exchange Commission that its new deadline is July 17.

Station Casinos proposed a prepackaged bankruptcy plan in February to restructure and eliminate about half its $5.7 billion debt load.

The company’s current proposal asks investors holding $2.3 billion in bonds to swap high-cost debt for low-cost debt and cash so the company can enter into a Chapter 11 reorganization.

Company owners have said they will invest $244 million in cash into the company if bondholders agree to the restructuring proposal.