Agreements allow two Riviera Holdings shareholders to increase ownership to 15%

By Lisa Kerner

Charlotte, N.C., Nov. 19 - Riviera Holdings Corp. signed separate definitive agreements with Plainfield Special Situations Master Fund Ltd. and Desert Rock Enterprises LLC enabling the shareholders to increase their holdings to up to 15% of the company's outstanding common stock.

Each stockholder currently owns less than 10% of Riviera's outstanding shares, a company news release said.

The agreements also provide for:

• The waiver of Riviera's voting limitation set forth in its articles of incorporation;

• An agreement by both Plainfield and Desert Rock not to acquire over 15% of Riviera's common stock without approval by the company's board of directors; and

• A standstill agreement.

Plainfield and Desert Rock are also responsible for obtaining any necessary approvals from the Nevada and Colorado gaming authorities in connection with any acquisition, the release said.

According to Riviera, it has no present plans to issue and sell any shares of its common stock to either Plainfield or Desert Rock.

Riviera owns and operates the Riviera Hotel and Casino on the Las Vegas Strip and the Riviera Black Hawk Casino in Black Hawk, Colo.

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