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Casino Owner Riviera Holdings Files for Chapter 11 | Business

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Casino Owner Riviera Holdings Files for Chapter 11

LAS VEGAS (AP) -- Las Vegas and Colorado casino owner Riviera Holdings Corp. has filed for Chapter 11 bankruptcy reorganization. Company subsidiaries Riviera Operating Corp. and Riviera Black Hawk Inc. also filed Monday for reorganization in U.S. Bankruptcy Court in Las Vegas. They own the 2,075-room Riviera hotel-casino on the Las Vegas Strip and the Riviera Black Hawk in Colorado.

The filings say the planned restructuring is supported by holders of more than two-thirds of nearly $248 million in debt under a June 2007 senior credit facility.

That could let Riviera Las Vegas and Riviera Black Hawk continue to operate during the bankruptcy process. The company reported to the federal Securities and Exchange Commission late last year that it was trying to restructure debt to avoid filing for bankruptcy.

 (Copyright 2010 by The Associated Press. All Rights Reserved.)

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