Judge grants extension on sale

Tuesday, Dec. 3, 2002 | 11:15 a.m.

The bankrupt Aladdin hotel-casino has received another extension of a deadline to file a plan to sell the resort or produce a reorganization plan.

U.S. Bankruptcy Court Judge Robert C. Jones on Monday approved an extension of an agreement that gives the Aladdin the exclusive right to negotiate a plan.

The extension, the fifth approved by Jones since the 2,567-room hotel-casino filed for Chapter 11 bankruptcy protection in September 2001, gives attorneys until March 3 for exclusive negotiations and until March 31 to get acceptance of a plan from creditors.

Aladdin officials, bound by confidentiality agreements with potential bidders, have not commented on companies interested in acquiring the $1.2 billion property.

Sources familiar with the negotiations said a bid by Colony Capital Corp., Pinnacle Entertainment Inc. and the Marriott hotel chain recently collapsed and interest has been expressed by New York time-share developer Ian Bruce Eichner and Planet Hollywood, the Orlando, Fla.-based restaurant chain which would offer its brand name and a movie memorabilia collection, but no cash.

A representative for Eichner could not be reached for comment and Planet Hollywood officials had no comment on the matter.