Public Gaming Company
Transaction Type: Restructuring
Industry: Gaming
Location: East Coast United States
Client: Bankruptcy Estate
Role: Trustee in Chapter 11 Bankruptcy
Cascade was engaged by the U.S. Bankruptcy Court to serve as a trustee in this case. The company was a publicly traded company with 20 separate subsidiaries and was focused on the gaming industry. Included in the portfolio were several offshore gaming operations as well as other properties under development. The secured creditors had lost confidence in the management team and petitioned to have a trustee appointed.
Within 2 weeks of the voluntary bankruptcy filing, the unsecured creditors petitioned for a liquidation of the company. Cascade was able to initiate actions which reduced operating expenses by $8 million per year. This restored the company to profitability and resulted in the continuation of the operations.
Cascade was then able to sell the majority of the company as an operating entity and preserved hundreds of jobs. This maximized the recovery for all creditors.