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US Trustee Forms 3-Member Creditors Panel in Silver Legacy Resort Case

Wednesday, 20 June 2012 06:06
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August B. Landis, Acting U.S. Trustee for Region 17, appointed three persons to serve in the Official Committee of Unsecured Creditors in the Chapter 11 cases of Circus and Eldorado Joint Venture, et al.
The Committee members are:
1. Associated Laundry Management, LLC
Attn: Greg Anderson
Associated Laundry Management
250 Burge Lane
Reno NV 89503
Tel: (775) 329-6433
Fax: (775) 329-6730
E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
2. International Game Technology
Attn: Gent K. Culver, credit manager
9295 Prototype Drive
Reno NV 89521
Tel: (775) 448-0130
Fax: (775) 448-0401
E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
3. Shuffle Master Inc.
Attn: Darrell Horton, A/R and Revenue Manager
1106 Palms Airport Drive
Las Vegas NV 89119
Tel: (702) 270-5138
Fax: (888) 234-3881
E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Circus and Eldorado Joint Venture and Silver Legacy Capital Corp. filed for Chapter 11 bankruptcy (Bankr. D. Nev. Case Nos. 12-51156 and 12-51157) on May 17, 2012.
Circus and Eldorado Joint Venture owns and operates the Silver Legacy Resort Casino, a premier 19th century silver mining themed hotel, casino and entertainment complex located in downtown Reno, Nevada.  The casino and entertainment areas at Silver Legacy are connected by skyway corridors to the neighboring Eldorado Hotel & Casino and the Circus Circus Hotel and Casino, each of which are owned by affiliates of the Debtors.  Together, the three
properties comprise the heart of the Reno market's prime gaming area and room base.
Silver Legacy Capital Corp. is a wholly owned subsidiary of the Joint Venture and was created and exists for the sole purpose of serving as a co-issuer of the mortgage notes due 2012.  SLCC has no operations, assets or revenues.
Eldorado Hotel & Casino and Circus Circus Hotel and Casino are not debtors in the Chapter 11 cases.
The Company did not make the required principal payment of its 10.125% mortgage notes on the maturity date of March 1, 2012.  The company also elected not to make the scheduled interest payment.
As a result, an aggregate of $142,800,000 principal amount of Notes were outstanding and accrued interest of $7,229,250 on the Notes, as of March 1, 2012, is due and payable.
The Debtors have entered into a Restructuring Support Agreement with Capital Research and Management Company, a holder of a substantial portion of the mortgage notes.  A copy of the RSA dated March 15, 2012, is available for free at http://is.gd/diDPh3  The RSA contemplates a proposed plan will be filed no later than June 1, 2012.   The plan will contain creditor treatments that have already been negotiated with and agreed to by creditor constituents.  The Debtors will seek approval of the explanatory disclosure statement within 45 days after the Petition Date and obtain confirmation of the Plan 60 days later.
Judge Bruce T. Beesley presides over the case.  Paul S. Aronzon, Esq., and Thomas P. Kreller, Esq., at Milbank, Tweed, Hadley & McCloy LLP; and Sallie B. Armstrong, Esq., at Downey Brand LLP, serve as the Debtors' counsel.  The Debtors' financial advisor is FTI Consulting Inc.  The claims agent is Kurtzman Carson Consultants LLC.
The Bank of New York Mellon Trust Company, N.A., the trustee for the Debtors' 10-1/8% Mortgage Notes due 2012, is represented by Craig A. Barbarosh, Esq., and Karen B. Dine, Esq., at Pillsbury Winthrop Shaw Pittman LLP.
Circus and Eldorado Joint Venture had assets of $264 million and liabilities of $174 million as of March 31, 2012.  The petitions were signed by Stephanie D. Lepori, chief financialofficer.
August B. Landis, Acting U.S. Trustee for Region 17, appointed three entities to serve on the Official Committee of Unsecured Creditors in the Chapter 11 cases of Circus and Eldorado Joint Venture, et al.

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