Resorts Plan Gets Nod: Creditors have approved...
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Resorts Plan Gets Nod: Creditors have approved the reorganization plan of Resorts International, the casino company owned by Merv Griffin that has been operating in bankruptcy court. The plan centers around an equity-for-debt swap that will reduce Griffin’s ownership in the firm in exchange for a reduction in Resorts’ long-term debt. The plan was approved by the holders of several separate debt issues by margins of at least 89%, the company said. It now needs approval from the bankruptcy court and New Jersey casino regulators.
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