Tropicana Issues Statement in Response to Senior Subordinated Noteholders
MAY 7, 2008. In response to a motion filed by the ad hoc consortium of the senior subordinated noteholders, which demands the appointment of a trustee, Tropicana Entertainment, LLC today made the following statement:
"Tropicana Entertainment, LLC is confident that it has the appropriate management team in place to prudently and successfully move through its Chapter 11 process. Accordingly, we oppose the motion to appoint a trustee. We believe a consensual process is the best way to achieve this goal. At the same time, we are confident the facts will support our positions.
"With our March 19, 2008, appointment of Scott Butera as president, as well as the May 1, 2008, appointment of Robert Kocienski as CFO and treasurer, we are confident we have the right team in place to work with all of our constituents to address our debt issues and to reorganize our business to optimize asset value. Scott Butera is an experienced industry leader and has handled these types of issues before with great success.
"Supplementing this enhancement of our management team, we have been working diligently on other best practice corporate governance initiatives, including expediting our efforts to build an independent board of directors comprising individuals with extensive board experience, as well as regulatory and financial/audit expertise. We also are in the process of building an independent audit committee.
"By voluntarily entering the Chapter 11 process, we have signaled our intention to work with our creditors to ensure the proper resolution that secures the best possible terms for all of our stakeholders. Importantly, our Plan of Reorganization must be approved by the Court. This is a proven process, and we have confidence in it. We will emerge as a better, stronger company. And our creditors will be treated fairly by the process."
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