The court confirmed the First Amended Prepackaged Joint Chapter 11 Plan for Station Casinos’ Subsidiary Debtors, the Aliante Debtors and Green Valley Ranch Gaming, LLC, clearing plan transactions tied to the New Opco, New Propco and GVR purchase agreements and allowing transfers free and clear of liens, claims and equity interests source filing. The order follows Station Casinos, Inc.’s July 28, 2009 Chapter 11 filing in Nevada, which began with SCI and affiliated holding, property and mezzanine entities seeking to operate as debtors in possession while pursuing a lender-supported restructuring source filing. Thomas Friel’s first-day declaration described a Las Vegas-focused gaming enterprise with Station-branded casinos and resorts, a capital structure including a $650 million revolver, $250 million term loan, $850 million of senior notes, $1.45 billion of subordinated notes and a $1.8 billion CMBS mortgage loan source filing.

The 2011 affiliate filings brought the operating footprint back before the court: Palace Station, Boulder Station, Red Rock, Sunset Station, Texas Station, Santa Fe Station, Fiesta properties and smaller Wildfire/Gold Rush locations, plus interests in Aliante and GVR, with about 9,300 employees and $10.5 million in biweekly gross payroll source filing. Confirmation gives the case a concrete exit path for those assets rather than a stand-alone liquidation fight.