April 12, 2009, Catskills News: Empire Resorts hires chief restructuring officer

Empire Resorts hires chief restructuring officer

link to complete article is here:

http://www.catskillsnews.com/News/2009/April09/10/EmpRes_restruc-10Apr09.html


Part of the plan now includes keeping the current raceway
and adjacent racino, in business, even if a second, smaller
track opens at the planned new Concord complex, less than
three miles away

MONTICELLO – Empire Resorts, the company that owns Monticello Gaming and Raceway, Thursday announced the appointment of Eric Reehl as chief restructuring officer.

His primary function will be to negotiate a restructuring of the company’s outstanding secured debt with representatives of the company’s note holders, who hold $65 million in convertible notes, and Bank of Scotland, which holds some $7.5 million in a revolving first mortgage credit facility.

Reehl said it is “in the best interest of all parties” to come to a quick settlement. He said Empire Resorts has a “solid asset base and significant growth potential given its existing cash flow from VGM and racing operations at the Monticello Casino and Raceway, future anticipated revenues from the Concord Hotel and Resort, the possibility of a St. Regis Mohawk tribe class III gaming project, and possible legalization of commercial gaming in Sullivan County.”

He said there is also the possibility of developing the 230 acre raceway site along with the expansion of gaming in the Catskills.

Reehl most recently served as one of three managing directors in corporate finance and asset backed lending at Plainfield Asset Management LLC.

Empire Resorts recently announced that its partnership with developer Louis Cappelli to build the new Concord resort would include keeping the current racetrack and racino open in

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