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This one will be delisted any day now with new commons being registered with SEC.
Mere formality. The check is in the mail and it's made out for $0.
RVHLQ has been added back to the Pink Sheets. Shares NOT cancelled.
http://www.otcbb.com/asp/dailylist_detail.asp?mkt_ctg=NON-OTCBB&d=02/08/2011
PLAN of Bankruptcy approved . All shares have been cancelled .
http://www.otcbb.com/asp/dailylist_detail.asp?d=02/02/2011&mkt_ctg=NON-OTCBB
Well that's ends that investigation! I'll move on now.
Equity Interest holders received nothing.
http://sec.gov/Archives/edgar/data/899647/000092189510001798/form8k06937_12012010.htm
I think it is a dead cat bounce....MMs trying to get it short before it goes to zero....be careful
Now RVHLQ is really starting to move. The shares are supposed to be cancelled, from what I read the other day. I wonder if that is about to change.
You wrote that it would be delisted in March. From what source did you get that date?
Moving higher again today on volume.
I am baffeled too. What I understand is company is going to be delisted at end of March...go figure
Anyone have any news on this? We saw some big moves last session but I can't find anything.
Big move today. Any word out of the bankruptcy court? Something positive must be happening.
BUX
Law360, New York (July 13, 2010) -- Riviera Holdings Corp., owner of Las Vegas' Riviera Hotel & Casino, has filed for Chapter 11 protection with a prenegotiated plan with its senior secured lenders that the company says is unlikely to provide recovery for equity holders.
Plummeting value of Las Vegas property and declining gaming revenues owing to the recession drove Riviera into bankruptcy, according to a disclosure statement filed Monday in the U.S. Bankruptcy Court for the District of Nevada.
The debtor said it had assets of $100 million to 500 million and liabilities within the same range. It has struck a reorganization agreement with senior secured lenders that hold the majority of secured creditor claims as part of a $228 million credit agreement reached in 2007.
The plan will enable Riviera to restructure its debt and make new capital investments, the company said. Recovery for equity holders under the plan is “highly unlikely,” but there will be no impact on employees and vendors, it said.
“We believe that by restructuring our debt in coordination with our lenders we will emerge with a capital structure which will enable the company not only to survive, but to grow as the economy recovers,” Riviera general counsel Tullio Marchionne said.
The general economic problems plaguing Las Vegas have hit Riviera hard, the company said. Revenues from the convention hotel bookings that it specializes in dropped precipitously because of the recession, according to the disclosure statement.
Meanwhile, gaming revenue from the midrange gambling crowd that Riviera targets has dried up, the company said.
And the high values of neighboring property on the north end of the Las Vegas Strip dropped precipitously as a result of halted construction projects, discouraging customers from making their way to the Riviera, according to the debtor.
The company's stock tanked over the past two years as real estate values declined, driving it to delist itself from the New York Stock Exchange.
Riviera also runs the Riviera Black Hawk Casino, outside Denver, which has also suffered a decrease in gaming revenue as a result of the economic slump, the company said.
This is the third time that the Riviera Hotel & Casino, one of the oldest and most storied casinos in Las Vegas, has filed for bankruptcy in its 55-year history.
The parent company nearly filed bankruptcy in 2009 after it failed to make a roughly $4 million interest payment under its credit facility.
The recession has driven a number of other gaming operations to seek bankruptcy protection, as well, including Station Casinos Inc., Black Gaming LLC, Twin River and Fontainebleau Las Vegas Holdings LLC.
The debtor is represented by Gordon Silver.
The case is is In re: Riviera Holdings Corp., case number 10-22910, in the U.S. Bankruptcy Court for the District of Nevada.
http://www.law360.com/articles/180483
Casino owner Riviera Holdings files for Chapter 11
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LAS VEGAS
Las Vegas and Colorado casino owner Riviera Holdings Corp. has filed for Chapter 11 bankruptcy reorganization.
Company subsidiaries Riviera Operating Corp. and Riviera Black Hawk Inc. also filed Monday for reorganization in U.S. Bankruptcy Court in Las Vegas. They own the 2,075-room Riviera hotel-casino on the Las Vegas Strip and the Riviera Black Hawk in Colorado.
The filings say the planned restructuring is supported by holders of more than two-thirds of nearly $248 million in debt under a June 2007 senior credit facility.
That could let Riviera Las Vegas and Riviera Black Hawk continue to operate during the bankruptcy process.
The company reported to the U.S. Securities and Exchange Commission late last year that it was trying to restructure debt to avoid filing for bankruptcy.
http://www.businessweek.com/ap/financialnews/D9GUBEEO0.htm
Here and watching!
Pretty interesting from the latest quarterly:
8.COMMITMENTS AND CONTINGENCIES
Salary Continuation Agreements
54 key employees (excluding Robert Vannucci, Co-Chief Executive Officer) of RHC, ROC and RBH have salary continuation agreements effective through December 31, 2010. The agreements entered into with 49 significant ROC and RBH employees entitles such employees to six months of base salary and health insurance benefits, subject to such employees’ duty to mitigate by obtaining similar employment elsewhere, in the event ROC or RBH, as applicable, terminated their employment without cause (a “Company Termination”) within 12 months after a change in control. One ROC and one RBH employee are entitled to 12 months of base salary and 24 months of health insurance benefits in the event of a Company Termination within 24 months after a change in control with no duty to mitigate.
Could this be a hint to a buyout?? Thoughts??
Have not looked at this for awhile but, might watch it now.
Are you still buying..??
Looks like "NITE" is holding the bid/ask . . . any thoughts other than manipulation at this point??
Looks like "NITE" is holding the bid/ask . . . any thoughts other than manipulation at this point??
Thanks Ford. All is going as good as it can , I guess. I think RIV will be over $2 again. I noticed the volume on the other as well. I check from time to time...
I'm in @ 1.40 Will look to add if it goes down. Might want to have a look at our other, Newspaper story Interesting. Good for some Lotto Tixs, I still hold 5M But Only Follow the Daily Volume as of late. Volume was Worth a Look today! GLTU Good to hear from You. Hope all is going Well!!
Picked up some more shares here again today. Picked up some not to long around $1.25 and sold around $1.50. At least this is not a stinky pinksheet.
Looks Very Risky But could be Good for a Nice Bounce. On Radar,GLTU
This seems to be shadowing mgm. Go in for a few. What the heck?
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