Court OKs $130 million credit bid for Hooters Casino Hotel in Vegas

By Jim Witters

Wilmington, Del., Feb. 24 - 155 East Tropicana, LLC received approval Friday to accept a $130 million credit bid from C4HNM LLC for the Hooters Casino Hotel in Las Vegas, according to documents filed with the U.S. Bankruptcy Court for the District of Nevada.

C4HNM LLC is the designee and assignee of U.S. Bank NA, in its capacity as indenture trustee for Canpartners Realty Holding Co. IV LLC.

Canpartners holds $130 million in 8¾% senior secured notes due in 2012.

The sale is contingent on confirmation of the debtors' first amended joint plan of reorganization.

The expected closing date is March 30.

"Subject to compliance with applicable gaming laws and regulations, at the successful credit bidder's election, the company shall transfer at closing all gaming equipment to Navegante Gaming, LLC, a Nevada limited liability company, or another designee with an applicable gaming license," court documents state.

155 East Tropicana, owner of the Hooters Casino Hotel in Las Vegas, filed for bankruptcy on Aug. 1, 2011. Its Chapter 11 case number is 11-22216.

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