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Empire Resorts Names Chief Restructuring Officer

MONTICELLO, N.Y. (AP) ¿ Empire Resorts Inc. on Thursday named Eric Reehl to serve as chief restructuring officer as the gaming company contends with debts that are set to mature soon.

Last month, Empire cautioned that it might not be able to manage financially if it isn't able to renegotiate or find other means to pay off its debts. The company has a $7.5 million credit agreement with the Bank of Scotland that matures on May 29 and $65 million in senior secured convertible notes that holders are entitled to demand repayment on in July.

Empire has said that it does not have the money to repay the credit line and that it might not be able to arrange financing when the facility matures or to pay the purchase price for the notes.

Reehl previously served as a managing director in corporate finance and asset-backed lending at Plainfield Asset Management LLC.

Shares of Empire Resorts shed a penny to $1.19 in afternoon trading.

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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