Las Vegas Monorail Debt Wiped Out

The nonprofit monorail company set up 12 years ago by casino owners in Las Vegas, Nevada, emerged from bankruptcy last month after a judge approved its reorganization plan, which, among other things, is aimed at continuing operation of the system by Bombardier through the full term of its management contract to 2019.

The plan approved by Judge Bruce Markell leaves almost nothing—$13 million—for holders of $451 million of senior bonds. Holders of $149 million in unrated second-tier bonds and $48 million held by the DBOM joint venture and by MGM/Mirage and Caesars/Park Place Entertainment get nothing.


About Bill Reinhardt

Editor of Public Works Financing newsletter
This entry was posted in Take Back Infrastructure. Bookmark the permalink.