The owners of the Silver Legacy Resort Casino in Reno, Nev., filed a chapter 11 restructuring plan on Friday that pays much of its debt in cash and the balance with new secured liens, Dow Jones DBR Small Cap reported today. Circus and Eldorado Joint Venture, in which an MGM Resorts International subsidiary and Eldorado Resorts LLC each hold a 50 percent stake, filed for chapter 11 after the venture was unsuccessful in raising funds to pay the $142.8 million it owed to noteholders and ultimately defaulted on the loan. The plan pays those noteholders with $85 million plus interest in cash, all available cash on its balance sheet after their reorganization is complete and a new $27.5 million second-lien note.
