Resorts’ Plan Clears Hurdle: Merv Griffin’s ailing...
Resorts’ Plan Clears Hurdle: Merv Griffin’s ailing Resorts International Inc. received bankruptcy court approval for a reorganization plan that will put the casino group in public hands and infuse it with $26 million in cash. The Atlantic City, N.J.-based hotel and casino company said its plan was also approved by the New Jersey Casino Control Commission but still requires approval from the Bahamian government. Under the plan, Resorts will become a public company, with bondholders acquiring about 78% of the company’s stock and new debt issues.
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