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Bankruptcy court approves amended plan

Thursday, March 3, 2005 | 9:38 a.m.

A company that owns a statewide chain of sports book operations says it will emerge from Chapter 11 bankruptcy protection later this month following court approval of an amended reorganization plan.

American Wagering Inc., which operates the Leroy's Horse & Sports Place Inc. sports book subsidiary, expects to emerge from bankruptcy on March 11 following confirmation of an amended plan by the U.S. Bankruptcy Court in Reno.

According to the plan, most creditors will be paid their approved claims plus interest. Two creditors -- Las Vegas Gaming Inc. and M. Racusin & Co. -- are being paid under previously approved settlement agreements with AWI.

"We are extremely pleased to finally be nearing the end of this long process," said Vic Salerno, chief executive of AWI in a statement issued this week. "Fending off hostile take-over attempts proved to dramatically extend the timeline for emergence and increase the reorganization expenses charged to the company."

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