Casino-resort developer Fontainebleau files for bankruptcy protection

Associated Press Tags : Fontainebleau Las Vegas LLC, US Posted: Thursday , Jun 11, 2009 at 0051 hrs Miami:

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Casino-resort developer Fontainebleau Las Vegas LLC said Tuesday it has filed for Chapter 11 bankruptcy protection after failing to get certain lenders to provide about $800 million in construction funding to complete the company’s $2.9 billion property on the Las Vegas Strip.

Fontainebleau Las Vegas had filed a $3 billion lawsuit in April against Bank of America, JPMorgan Chase Bank, Deutsche Bank Trust Company Americas and eight other lenders in an effort to access the prearranged financing to pay its 3,000 construction workers and finish the project, which is 70 per cent complete and had eyed an October opening.

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