Station Casinos Inc [STN.UL] said on Tuesday it had reached a forbearance agreement with some of its lenders and debt holders, giving the casino operator more time to restructure its debt and operations.
A forbearance agreement is an arrangement made between a creditor and its lenders to postpone, reduce or suspend payment due on a loan for a limited and specific time period.
Station Casinos had said it may have to file for bankruptcy protection if agreements could not be reached with its lenders.
The Las Vegas-based company owns, operates and manages casinos in Las Vegas, geared primarily for the local community.
The forbearance agreements with the holders of the old senior and senior subordinated notes and the lenders under its previous credit agreement dated Nov. 7, will expire on April 15, the company said in a statement.