Judge extends financing plan

Friday, Sept. 6, 2002 | 11:09 a.m.

A U.S. Bankruptcy Court judge has approved Aladdin Gaming LLC's plan to extend its debtor-in-possession financing facility through the end of the year.

The order allows the property to cut its commitment amount from $50 million to $25 million at a lower interest rate because business has been stronger than expected.

The amended plan, proposed in August, gives the owner of the Aladdin hotel-casino the ability to operate less expensively while the Las Vegas Strip property is marketed for sale.

In a separate motion, Judge Robert C. Jones also approved a lease to Riclin Inc. for development of a wedding chapel. Aladdin Gaming will receive 10 percent of the chapel's receipts.

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