Published: Friday, April 24, 2009
Evergreen Gaming Corp. files for bankruptcy
Canadian firm owns casinos in Everett, Shoreline and Mill Creek.
The Canadian company that owns 10 casinos in Washington state, including clubs in Everett, Shoreline and Mill Creek, filed for bankruptcy last week.
For now, the casinos will remain open.
The Evergreen Gaming Corp., based in Richmond, B.C., filed for bankruptcy in the Supreme Court of British Columbia April 15, primarily due to outstanding debt owed on a casino in Calgary, Alberta.
The Canadian corporation's holdings include the Royal Casino in Everett, the Golden Nugget Casino in Shoreline and the Silver Dollar Casino in Mill Creek.
Those casinos are operated by Washington Gaming, Evergreen's Renton-based subsidiary. Washington Gaming followed Evergreen's suit, filing for Chapter 15 bankruptcy last week.
The filing, standard procedure under international trade law, will allow "overall restructuring" in Washington state, according to a statement from Evergreen.
"The filing ... permits the companies' operations to continue in the normal course, while a business restructuring to address debt levels is developed," wrote a spokesperson. "The implications for creditors of and other stakeholders in the companies will not be known until the terms of the restructuring plan have been determined and the restructuring process is complete."
Evergreen owes more than $30 million to a New York-based creditor, who recently issued a notice of default to demand immediate payment.
Evergreen is in the process of negotiating with the creditor.
The company has more than 1,600 employees in Canada and Washington.
For now, the casinos will remain open.
The Evergreen Gaming Corp., based in Richmond, B.C., filed for bankruptcy in the Supreme Court of British Columbia April 15, primarily due to outstanding debt owed on a casino in Calgary, Alberta.
The Canadian corporation's holdings include the Royal Casino in Everett, the Golden Nugget Casino in Shoreline and the Silver Dollar Casino in Mill Creek.
Those casinos are operated by Washington Gaming, Evergreen's Renton-based subsidiary. Washington Gaming followed Evergreen's suit, filing for Chapter 15 bankruptcy last week.
The filing, standard procedure under international trade law, will allow "overall restructuring" in Washington state, according to a statement from Evergreen.
"The filing ... permits the companies' operations to continue in the normal course, while a business restructuring to address debt levels is developed," wrote a spokesperson. "The implications for creditors of and other stakeholders in the companies will not be known until the terms of the restructuring plan have been determined and the restructuring process is complete."
Evergreen owes more than $30 million to a New York-based creditor, who recently issued a notice of default to demand immediate payment.
Evergreen is in the process of negotiating with the creditor.
The company has more than 1,600 employees in Canada and Washington.
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