Mar. 27 at 6:15 PM
$AILE Legalized gambling and casinos.
"...the Debtors engaged in negotiations regarding potential debtor-in-possession financing that would allow the Debtors to continue to fund the Chapter 11 Cases and pursue a sale process. However, those negotiations have reached an impasse, and the Debtors are currently without funding and without access to cash collateral after February 21, 2025. With no unencumbered funds and no ability to use cash collateral, the Debtors do not have the ability to continue their business, pay remaining personnel, or continue these Chapter 11 Cases. Accordingly, the Debtors have terminated all of their employees and have advised their non-Debtor affiliates that they are no longer able to provide funding, for operations or otherwise, effective as of February 14, 2025 (the “Employee Termination Date”). The Debtors, therefore, have no feasible alternative but to convert their Chapter 11 Cases to cases under chapter 7 of the Bankruptcy Code."
