Empire Resorts Appoints Chief Restructuring Officer
Eric Reehl to lead restructuring negotiations with note holders.
APRIL 10, 2009 - Empire Resorts, Inc (NASDAQ: NYNY) announced today that the Company had appointed Mr. Eric Reehl as Chief Restructuring Officer. Mr. Reehl's primary function will be to negotiate a restructuring of the Company's outstanding secured debt obligations with representatives of the Company's note holders, who hold $65 million in convertible notes, and Bank of Scotland, which holds approximately $7.5 million in a revolving first mortgage credit facility.
Following his appointment by the Board of Directors, Mr. Reehl said, "I am pleased to join the Company and lead restructuring negotiations with creditors. I believe it is in the best interest of all parties to come to a quick settlement and that we shall be successful in this endeavor. The Company has a solid asset base and significant growth potential given its existing cash flow from VGM and racing operations at the Monticello Casino and Raceway, future anticipated revenues from the Concord Hotel & Resort, the possibility of a St. Regis Mohawk Tribe class III gaming project, and possible future legalization of commercial gaming in Sullivan County. There is also the potential of developing the 230-acre raceway site along with the expansion of gaming in the Catskills. I am glad to be able to share Empire's long term vision and look forward to working closely with the Company's board, management and creditors to make the collective vision a reality for all concerned."
Mr. Reehl recently served as one of three Managing Directors in Corporate Finance and Asset Backed Lending at Plainfield Asset Management LLC. At Plainfield, Mr. Reehl was involved in lending and investing opportunities, including a number of corporate acquisitions in bankruptcy proceedings. Previously, he served as Senior Bankruptcy and Restructuring Advisor with Ernst & Young's Corporate Finance Restructuring Group in New York, and as Head of the New York Direct Lending Group at CGS Investments, Inc., an affiliate of Beal Bank. Mr. Reehl concurrently serves as Acting CFO for Park Avenue Bank in New York. He holds a BBA in Finance and an MBA from the University of Texas at Austin.
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