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twitterJudge allows extension
Wednesday, Aug. 21, 2002 | 11:12 a.m.
A visiting U.S. Bankruptcy Court judge has given the Aladdin hotel-casino permission to extend its debtor-in-possession financing facility through Dec. 31.
Judge Redfield Baum of Phoenix on Tuesday authorized the bankrupt Las Vegas Strip property to halve the facility's commitment amount from $50 million to $25 million, retroactive to July 11. The amendment also reduces the unused availability fee payable to lenders from 1.5 percent to 1 percent per year.
The amended facility gives the Aladdin a "safety net" through the end of the year at a minimal cost as owners continue to try to sell the property. The reduction in the commitment resulted from business at the Las Vegas Strip resort being stronger than anticipated.
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