Sharkey’s emerges from Chapter 11
February 14, 2014
Gardnerville landmark Sharkey's Casino has emerged from Chapter 11 after a reorganization plan was approved in Federal Bankruptcy Court.
Owner Hal Holder told The Record-Courier that the plan presented to U.S. Bankruptcy Judge Bruce Beesely was approved after a 20-minute hearing last week.
Sharkey's filed for Chapter 11 bankruptcy in April to prevent a trustee's sale, which said the company owed creditors $3.79 million.
"I'm singly focused on making Sharkey's a better place and a more prosperous place," Holder said on Thursday. "Our business continued to improve during the eight months while operating in Chapter 11. We will have the best year this year since 2009."
Holder said he was happy to be out of Chapter 11.
"I am extremely pleased to get this event behind us," he said in a prepared statement. "All of us involved in the management of Sharkey's are happy to now focus on moving our business forward."
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Holder said he purchased Sharkey's from owner Milos "Sharkey" Begovich on a handshake in January 2002 for $5 million.
He said he appreciated the employees and customers support during the time.
"No employee was released or had work hours reduced due to this filing," he said. "All vendors, suppliers and creditors will receive 100 cents on the dollar. Our capital improvements will move forward unabated. We will continue to develop and improve the Sharkey's experience for our friends and customers."