A lot of restructuring of the Station Casinos debts have been going on. Their business did not seem to improve through the four extensions provided by the banks.  They tried a lot to prevent the filing of bankruptcy. Since everything failed, they decided to finally file for bankruptcy.

The Stations have filed a voluntary petition for Bankruptcy in a Court in Reno in a way to restructure per Chapter 11.

The company runs nearly 18 casinos. Notably, all of them are going to continue without any interference from the bankruptcy since none of those properties were included in the Bankruptcy filing. The company has stated that they can access $150 million from one of their subsidiaries which are non-operating.

There was a considerable progress in the talks with its lenders; however, a Bankruptcy has become unavoidable in the case of the Stations as reported by Bill Lerner, an analyst.

The money flow in to the company was positive ever since the debt-funded management changes in 2007 by the Fertittas and the Colony Capital. However, they report that the recession has hurt their business.

The Chief executive Frank Fertitta stated that a debt restructuring would provide them with the pace and strength to deal with the changes in the current economic scenario.

The management of the Stations has declared the decision was taken after much deep thought, and they stated that this was the best alternative they could choose to work for the advantage of the stake holders.