The Daily Docket: Station Casinos Exits Bankruptcy

Las Vegas casino operator Station Casinos LLC on Friday emerged from Chapter 11 bankruptcy protection controlled by the company’s founding Fertitta family, ending a nearly two-year restructuring odyssey. Read the Daily Bankruptcy Review story here.

Sovereign Bank, the secured creditor that refused to support Linden Ponds Inc.’s prepackaged restructuring plan, is now taking aim at the retirement community’s bankruptcy financing proposal, saying the loan is “heavily tainted” by the plan deal. Read the DBR Small Cap story here.

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Apple Inc., Intel Corp. and Ericsson AB are expected to bid against Google Inc. to buy the patent portfolio of bankrupt Nortel Networks Corp., The Wall Street Journal reports.

Moody’s Investors Service lowered Tokyo Electric Power Co.’s key credit rating by four notches into junk status amid concerns about the company’s financial viability in the wake of the crisis at its Fukushima Daiichi nuclear plant, WSJ reports.

A former senior vice president at Colonial Bank has been sentenced to eight years in prison after pleading guilty to participating in a $2.9 billion fraud scheme that brought down the bank along with mortgage lender Taylor, Bean & Whitaker Mortgage Corp., Dow Jones Newswires reports.

Moody’s Investors Service downgraded the ratings on the general obligation bonds of Central Falls, R.I., saying bankruptcy is becoming more likely for the city, Dow Jones Newswires reports.

Banks in Florida, which has seen 51 bank failures since the start of 2007, are starting to make loans again, WSJ reports.

The Federal Reserve Bank of New York and the Office of the Comptroller of the Currency are increasing the number of examiners who go to work every day at the companies they regulate in a bid to prevent another financial crisis, WSJ reports.