Court Confirms Lake Las Vegas Plan of
Company Expects to Emerge from Chapter 11 Shortly
June 22, 2010 06:25 PM Eastern Daylight Time
LAS VEGAS--(EON: Enhanced Online News)--Praising the efforts and cooperation of the participants in the Lake
Las Vegas chapter 11 cases, Bankruptcy Judge Linda B. Riegle yesterday ruled that she would confirm the Plan of
Reorganization proposed by Lake Las Vegas and the official committee of unsecured creditors.
"We are delighted by the Court's decision today and look forward to emerging from chapter 11 as a restructured
going concern with a clean balance sheet," said Frederick E. Chin, the CEO of Lake Las Vegas. "This restructuring
process has been extremely complex, and at times, heavily contested, and we appreciate the patience and
cooperation of the various constituents, including homeowners, landowners, and vendors. The debtors and the
committee worked very hard to develop a consensual plan of reorganization that would have broad support, and we
are gratified that we were able to achieve overwhelming creditor approval and resolve every objection to the plan's
"I am excited that we will now be able to focus all of our efforts on continuing to create an environment in which the
community will grow and prosper as the area's economy and the real estate market recover."
Lake Las Vegas will remain under the stewardship of The Atalon Group LLC, which will provide asset management
services to and for the benefit of the reorganized company. Mr. Chin and James Coyne, principals in The Atalon
Group, will continue in their current roles as project managers through December 31, 2011.
Under the Plan of Reorganization Lake Las Vegas will sell much of its remaining land in Phases I and II of the
project over the next two years, and focus its efforts on the long-term development of Phase III.
Among other significant benefits, the Plan provides for exit financing for the reorganized company to cover operating
expenses, fund Plan ob