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Judge OKs extension for Aladdin bankruptcy plan

Wednesday, May 15, 2002 | 11:04 a.m.

Aladdin hotel-casino officials will get additional time to draft a plan to sell the bankrupt property on the Las Vegas Strip.

U.S. Bankruptcy Court Judge Robert Jones granted the extension when none of the $1.2 billion resort's creditors opposed the request. Jones is giving the company until Aug. 1 to develop the plan.

Under bankruptcy regulations, the Aladdin would have had until May 27 before creditors would been allowed to draft their own reorganization plan for the hotel.

Aladdin officials are less pressured to find a buyer following last month's report of a jump in March cash flow to $5.8 million, up 263 percent over February. Revenues also increased 29 percent over February to $21.7 million.

Attorneys for the property have told the judge that several interested parties are considering purchasing the 2,567-room resort, which filed for Chapter 11 bankruptcy protection in September.

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