Resorts Reorganization Gets OK: Resorts International, the...
From Times Staff and Wire Service Reports
Resorts Reorganization Gets OK: Resorts International, the Merv Griffin casino company now operating in bankruptcy court, announced that its creditor committees have approved a reorganization plan. The plan calls for sharply reducing the face value of Resorts’ long-term debt while giving bondholders a major equity stake in the company. Resorts, whose principal asset is its casino in Atlantic City, expects to emerge from bankruptcy this summer.
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