At a hearing on April 29, 2009, the New Jersey Casino Control Commission (“NJCCC”) approved an asset purchase agreement relating to the credit bid by Credit Suisse, as agent on behalf of a group of secured lenders, for the acquisition of the Tropicana Casino & Resort in Atlantic City, New Jersey, through a bankruptcy auction. The credit bid will be the “stalking horse” bid in a contemplated Bankruptcy Code Section 363 sale. At the hearing, the NJCCC also authorized the filing of a voluntary bankruptcy petition by the owner of the Tropicana Atlantic City assets to facilitate that sale.
Cravath is representing Credit Suisse in both the credit bid and generally in the Tropicana Entertainment Chapter 11 cases. The lawyers involved in this matter include partner Damien R. Zoubek and associate Joseph D. Zavaglia on corporate matters; partner Paul H. Zumbro, senior attorney Robert H. Trust and associate Mina M. Farbood on restructuring matters; and partner Andrew W. Needham on tax matters.