LOS ANGELES Casino operators Park Place Entertainment, and Black Hawk Gaming & Development Co. have made offers to acquire the bankrupt Claridge Hotel in Atlantic City in a move that could thwart a plan by financier Carl Icahn to take control of the property. Hotel spokesman Glenn Lillie noted that all proposals are still in the preliminary stages.
The hotels owner, the Claridge Hotel & Casino Corp., filed for Chapter 11 bankruptcy proceedings in August 1999.
Icahn, who owns about 42% of the $85 million in first mortgage notes on the property, supported a bankruptcy
plan in hopes of obtaining control of the property. But other bondholders opposed the plan, and were recently granted permission by a U.S. bankruptcy judge to seek other buyers. The Park Place and Black Hawk bids were submitted in response to the bondholders efforts. (8/24/00)
Source: New York Times