Las Vegas Monorail revised plan does not fully address concerns: Court

By Caroline Salls

Pittsburgh, Nov. 1 - The latest changes to Las Vegas Monorail Co.'s plan of reorganization do not fully address the court's financing concerns, according to a filing with the U.S. Bankruptcy Court for the District of Nevada.

As previously reported, the court said in September that it has concerns about whether the company will likely obtain financing, what steps, if any, need to be taken to assess the terms needed to obtain financing and how the rights and obligations stemming from any potential financing agreement fit into the proposed plan.

As a result, the court said the company's counsel must be prepared to present evidence at a Nov. 14 confirmation hearing that approval of the plan will not be followed by liquidation or the need for further financial reorganization.

The company, a Las Vegas-based non-profit monorail operator, filed for bankruptcy on Jan. 13, 2010. Its Chapter 11 case number is 10-10464.

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