Colorado investors who hold a $32.75 million note secured by six northern Nevada casinos are by the far largest creditors in the bankruptcy filings of the properties.
Four companies tied to the Sparks-based Holder Hospitality Group seek to reorganize under Chapter 11 bankruptcy provisions. The subsidiaries own The Silver Club in Sparks, the Commercial Hotel and Stockmen's Casino Hotel in Elko, Scoreboard Casino in Spring Creek, Parkers Model T in Winnemucca and the El Capitan in Hawthorne.
The Silver Club closed early this year; the other casinos will remain in operation during the reorganization.
Northern Nevada Asset Holdings, a company formed early this year by Colorado Springs investors Richard Holland and Thomas Reinhard, owns the note on the casinos and had launched a receivership action in district court in Reno shortly before the bankruptcy filing on June 29.
The holders of the nearly $33 million note purchased it from the Federal Deposit Insurance Corp. for about $8.5 million after the FDIC took possession of a failed financial institution.
The casinos are represented by Reno attorney Stephen Harris in the bankruptcy case.
