Resorts files reorganization planMerv Griffin's Resorts International...

THE BALTIMORE SUN

Resorts files reorganization plan

Merv Griffin's Resorts International Inc. said it filed a prepackaged reorganization plan with the Securities and Exchange Commission.

Under the bankruptcy plan, the company would transfer its resort on Paradise Island, Bahamas, cash, new secured debt and about 40 percent of the company's equity to its debt holders. In return, the holders will cancel $482 million in notes and accrued interest owed them by Resorts International.

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