Silver Point Capital, L.P. News
Silver Point Capital, L.P. Issues Statement
GREENWICH, Conn., June 20 PRNewswire — Silver Point Capital, L.P. today provided the following statement seeking to clarify recent media reports mischaracterizing its role in the restructuring of Tropicana Entertainment, LLC:
"Recent media coverage has suggested that Silver Point Capital led a group of senior lenders of Tropicana Entertainment in an effort to force William J. Yung, the former chief executive officer of Tropicana Casino and Resorts, Inc., the parent of Tropicana Entertainment, from his position or from management and directorial decisions. We deny that Silver Point played any such role."
On May 30, the Steering Committee of Senior Secured Lenders, of which Silver Point is one of five members, filed a statement in which the Committee chose to support certain elements of a separate motion filed by the Ad Hoc Consortium of Subordinated Noteholders on May 6 seeking the removal of Mr. Yung as CEO and as member of the board of directors. This statement by the Steering Committee on May 30 was filed as one element in a complex series of negotiations related to the Tropicana reorganization, all part of an effort by the Committee to preserve the value of the assets of Tropicana. The Steering Committee's statement specifically did not endorse the substantive bases of the Noteholders' motion against Mr. Yung, including their criticisms of Mr. Yung and their concerns about his actions as CEO of Tropicana. As such, this action was very different from the public characterizations that Silver Point proactively pursued, or led, the effort to remove Mr. Yung.
Silver Point's diligent work in support of Tropicana's reorganization has included a $67 million in debtor-in-possession (DIP) financing, provided by its Silver Point Finance, LLC business, that is being used by the company to supplement its working capital and support each casino and resort property's competitive market position.
About Silver Point Capital, L.P.
Silver Point Capital, L.P. is a credit-focused private investment firm headquartered in Greenwich, CT.
Contact: Adam Weiner or Todd Fogarty, Kekst and Company, 212-521-4800
SOURCE Silver Point Capital, L.P.
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