Empire Resorts Appoints Chief Restructuring Officer
April 09 2009 - 9:12AM
Business Wire
Empire Resorts, Inc (NASDAQ: NYNY)�announced today that the
Company had appointed Mr. Eric Reehl as Chief Restructuring
Officer. Mr. Reehl�s primary function will be to negotiate a
restructuring of the Company�s outstanding secured debt obligations
with representatives of the Company�s note holders, who hold $65
million in convertible notes, and Bank of Scotland, which holds
approximately $7.5 million in a revolving first mortgage credit
facility.
Following his appointment by the Board of Directors, Mr. Reehl
said, �I am pleased to join the Company and lead restructuring
negotiations with creditors. I believe it is in the best interest
of all parties to come to a quick settlement and that we shall be
successful in this endeavor. The Company has a solid asset base and
significant growth potential given its existing cash flow from VGM
and racing operations at the Monticello Casino and Raceway, future
anticipated revenues from the Concord Hotel & Resort, the
possibility of a St. Regis Mohawk Tribe class III gaming project,
and possible future legalization of commercial gaming in Sullivan
County. There is also the potential of developing the 230-acre
raceway site along with the expansion of gaming in the Catskills. I
am glad to be able to share Empire�s long term vision and look
forward to working closely with the Company�s board, management and
creditors to make the collective vision a reality for all
concerned.�
Mr. Reehl recently served as one of three Managing Directors in
Corporate Finance and Asset Backed Lending at Plainfield Asset
Management LLC. At Plainfield, Mr. Reehl was involved in lending
and investing opportunities, including a number of corporate
acquisitions in bankruptcy proceedings. Previously, he served as
Senior Bankruptcy and Restructuring Advisor with Ernst &
Young�s Corporate Finance Restructuring Group in New York, and as
Head of the New York Direct Lending Group at CGS Investments, Inc.,
an affiliate of Beal Bank. Mr. Reehl concurrently serves as Acting
CFO for Park Avenue Bank in New York. He holds a BBA in Finance and
an MBA from the University of Texas at Austin.
About Empire Resorts, Inc.
Empire Resorts operates the Monticello Gaming & Raceway and
is involved in the development of another gaming resort project in
the Catskills. Additional information can be found at
www.empireresorts.com.
Statements in this press release regarding the company's
business that are not historical facts are "forward-looking
statements" that involve risks and uncertainties, including the
need for regulatory and contractual approvals, financing and
successful completion of construction. The company wishes to
caution readers not to place undue reliance on such forward-looking
statements, which statements are made pursuant to the Private
Securities Litigation Reform Act of 1994, and as such, speak only
as of the date made. To the extent the content of this press
release includes forward-looking statements, they involve various
risks and uncertainties including (i) the risk that the Company�s
agreement with Concord Associates is not closed; (ii) the risk that
financing necessary for the proposed project may not be able to be
obtained because of credit factors, market conditions or other
contingencies, (iii) the risk that regulatory or contractual
approvals are not obtained, (iv) the risk of non-compliance by
various counterparties of the related agreements, and (iv) general
risks affecting the company as described from time to time in it's
reports filed with the Securities and Exchange Commission. For a
full discussion of such risks and uncertainties, which could cause
actual results to differ from those contained in the
forward-looking statements, see "Risk Factors" in the company's
Annual Report or Form 10-K for the most recently ended fiscal
year.
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