Court approves N.J. Tropicana sale to Icahn group
NEW YORK, June 12 (Reuters) - A New Jersey bankruptcy court approved the sale of Tropicana Atlantic City Casino and Resort to pre-bankruptcy lenders, including financier Carl Icahn, for $200 million, Tropicana Entertainment [TRPET.UL] said in a statement.
Tropicana filed for bankruptcy protection in May 2008. It also owns the Tropicana Casino & Resort on the Las Vegas strip. In May the company said that it would emerge from bankruptcy, in part due to $150 million in exit financing from Icahn.
U.S. Bankruptcy Court in Camden, New Jersey, approved the sale of Tropicana's Atlantic City casino in exchange for the lenders canceling $200 million of their secured debt, according to the statement.
Icahn and the lenders have filed for regulatory clearance from the New Jersey Casino Control Commission and the deal is expected to take five to six months to close, the casino company said.
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