He was happy that all 17 classes of the company’s creditors eventually signed off on the deal. In remarks from the bench, Zive said his goal at the outset of the process was to ensure that a “fair and equitable” plan of reorganization was approved. Bankruptcy Judge Gregg Zive took a little more than an hour. The plan will give creditors an ownership stake in the reconfigured operation, with the Fertitta family remaining in control of the company.
A federal bankruptcy judge in Reno confirmed Station Casinos’ plan of reorganization Friday after 90 percent of the company’s secured and unsecured creditors signed off on the deal, which will wipe some $4 billion in debt from the company’s books.
