Tropicana Entertainment has successfully emerged from bankruptcy following a reorganisation process led by Carl Icahn. It becomes the first major company within the gaming industry to complete a Chapter 11 reorganisation.
The restructuring effectively wiped out $2.5bn of debt, renewed the company’s gaming licences and helped to restore relationships with its customers, regulators and employees. The move also secured $150m in financing.
"The company has undergone a complete transformation," said Scott C Butera, chief executive officer and president of Tropicana. "We are very pleased that we have been able to turn the company around in the wake of the country’s deep financial crisis. We have also secured an ownership group that has a long proven track record of success in the gaming industry.
"By constantly adjusting to market conditions, we have built the foundations of our company in a way that positions us to achieve profitable long-term growth."
