Gaming firm gets more time to work on debt

Posted by Bev Freeman on 20 May 2009 at 10:05

A gaming operator has revealed it has reached an agreement over getting more time to work on the restructuring of its debt.

Reuters reports Station Casinos issued a filing with the US Securities and Exchange Commission, detailing a deal with lenders and noteholders.

Reuters reports the filing says the casino company's forbearance period was extended to May 29 from May 15.

In another SEC filing this week, the company underlined that it may have to seek chapter 11 protection if it is not able to restructure debt.

The recession and the credit crunch has hit many gaming operators, with some unable to make debt payments as gamers tighten their belts.