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Mr. Maloof, chairman of the resort, said in an interview Tuesday that more than a year ago he...

Mr. Maloof, chairman of the resort, said in an interview Tuesday that more than a year ago he courted Leonard Green and TPG to buy up Palms' debt, which originally was worth around $400 million. The casino worked out a deal with the firms to extend the loan after it came due last year, Mr. Maloof said. Under the new plan, still subject to regulatory approvals, the Maloof family's stake in Palms will fall to between 10% and 20% from 85%, Mr. Maloof said.

Alexandra Berzon, Wall Street Journal Story is subscriber only, so apologies if you can't read the whole thing. Only new thing is in the above quote though.
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