ATLANTIC CITY, N.J. The Claridge Hotel and Casino Corporation, its wholly owned subsidiary, The Claridge at Park Place, Incorporated (CPPI) and Atlantic City Boardwalk Associates, L.P. filed a Second Amended Joint Plan of Reorganization and Disclosure Statement in the United States Bankruptcy Court in Camden, New Jersey.
The Plan provides for the sale of the Claridge Casino Hotel in Atlantic City to Park Place Entertainment Corporation.
Financial advisors to the Claridge board of directors have estimated that the sale would return to noteholders, an approximately 80% recovery. The plan estimates that unsecured
creditors will receive approximately a 60% recovery.
Park Places purchase of the Claridge Casino Hotel is contingent upon, among other matters, its receiving certain regulatory approvals from the New Jersey Casino Control Commission and upon the confirmation of the Reorganization Plan by the United States Bankruptcy Court.
The Court will schedule a hearing on the adequacy of the Disclosure Statement. Upon Court approval of the Disclosure Statement, the Plan will be submitted to creditors for a vote. (11/28/00)