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MGM Mirage Plans to Raise $2.5B

(May 2009) posted on Wed May 13, 2009 EDT


MGM Mirage has unveiled a restructuring plan designed to raise $2.5 billion through a trio of stock sale and bond offerings. The financially struggling Las Vegas-based casino company said proceeds from the transactions will be used to pay down part of its $14.4 billion in long-term debt.

The new funding could keep the company from having to file for Chapter 11 bankruptcy protection, the Las Vegas Review-Journal reports.


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