Hollywood Casino Shreveport asks court to OK Eldorado investment agreement amendment

By Caroline Salls

Pittsburgh, June 29 - Hollywood Casino Shreveport requested approval of an amendment to its settlement agreement with Eldorado Resorts LLC that extends the deadline to close Eldorado's acquisition of Hollywood's equity to Aug. 1 from June 30, according to a Tuesday filing with the U.S. Bankruptcy Court for the Western District of Louisiana.

According to the filing, the agreement is the "cornerstone" of Hollywood's plan of reorganization, which it expects to consummate by July 31.

When the agreement was originally completed, neither party thought confirmation of a plan of reorganization would go beyond March 31. When it became evident that confirmation would go beyond that date, the deadline for the transaction was extended to June 30.

Now, the company said it believes that, if the plan is confirmed by July 8, that the transaction can be closed by July 31.

Hollywood Casino Shreveport owns and operates a riverboat casino and hotel complex located on the Red River in Shreveport, La. Black Diamond Capital Management LLC and other creditors filed an involuntary Chapter 11 case against the casino and resort company on Sept. 10. The Chapter 11 case number is 04-13259.

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