Majestic Star’s reorganization plan approved

by For the MBJ

Published: March 14,2011

Tags: bankruptcy, casinos, gambling, gaming, reorganization

TUNICA — The Majestic Star Casino, LLC, and certain of its subsidiaries and affiliates have received confirmation of its second amended joint plan of reorganization from the United States Bankruptcy Court for the District of Delaware.

The company said the court’s ruling and entry of a confirmation order following a hearing held on March 10 allows Majestic Star, which owns and operates Fitzgeralds Casino Hotel-Tunica, to implement a capital restructuring that reduces the company’s long-term debt from approximately $735 million to approximately $160 million.

“While the company still has some important steps to take before it officially emerges from Chapter 11, this is a significant milestone for Majestic Star,” said Don H. Barden, Majestic Star chairman, president and CEO.

Source: Majestic Star Casino, LLC

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