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Tropicana files for Chapter 11 protection
Missing a loan payment can get you in trouble. But if the loan is for $1.32 billion, that can push your company into bankruptcy. Casino operator Tropicana applied for Chapter 11 protection on Monday. That missed interest payment broke an agreement the company had with bondholders. Tropicana has 11,000 employees. It owns the renowned resort and casino in Las Vegas and another 12 casinos in the U.S. and the Caribbean.
Posted by Lori Stassi on May 6, 2008 2:45 AM PT | Permalink
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