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DiamondJacks creditors approve bankruptcy exit - KTBS.com - Shreveport, LA News, Weather and Sports

DiamondJacks creditors approve bankruptcy exit

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Having failed in an attempt to sell the two DiamondJacks casinos to an Oklahoma Indian tribe, creditors are bringing the Bossier City, La., and Vicksburg, Miss., gambling halls out of bankruptcy themselves, hiring Mississippi's Foundation Gambling Group to try to improve operations.

Creditors approved the reorganization plan in June, although an official date to exit bankruptcy hasn't been set. As part of the deal, holders of $181 million in first lien debt will accept $80 million in new bonds. They will also own the company. Holders of $116 million in second-lien debt will get nothing, while those who are owed $215 million in other debt will get only $40,000.

Current shareholders would also get nothing. Former Chicago-area gas station owner William McEnery owned 92 percent of parent company Legends Gaming.

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