Riviera to default on $227M credit facility

04/2/2009 | GlobeSt.com

In announcing a $12.7 million fourth-quarter net loss, Riviera Holdings said it will default on a $227 million outstanding credit facility. The company, which acknowledged that there is "substantial doubt" about its capacity to continue as a going concern, missed a $4 million interest payment on a credit facility that was due Monday. But Riviera said its Las Vegas and Black Hawk, Colo., casino properties generate enough cash flow to ensure it can pay its operating costs.

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