Majestic Star Completes Restructuring

Majestic Star Casino has successfully completed restructuring and emerged from Chapter 11 bankruptcy, writes Reuters. The casino operator, which had filed for bankruptcy in November 2009, said it eliminated over $500 million in debt, Reuters reports. Private investment funds managed by Wayzata Investment Partners will be the largest holders of Majestic Holdco.

(Reuters) – The Majestic Star Casino LLC said it successfully completed restructuring and emerged from Chapter 11 bankruptcy.

The casino operator, which had filed for bankruptcy in November 2009, said it eliminated over $500 million in debt.

The casino said its lenders will become the new owners of its parent company, Majestic Holdco, LLC.

Private investment funds managed by Wayzata Investment Partners LLC, a Minnesota-based private equity firm, will be the largest holders of Majestic Holdco.