Heavily indebted casino operator London Clubs International yesterday said that its lenders had agreed to extend a moratorium on breaches of its banking covenants until the end of June.
The group, which was left with debts of around £250m after its failed foray into the Las Vegas market via the Aladdin resort, must refinance its debts to survive.
A source told the The Times Business that the group was no longer looking at a sale and leaseback on its 50 St James club in London, but was “simply looking to agree a new medium-term facility and set new covenants”.
The Times Business 11/05/02 page 50
