Alpha Hospitality announces expected closing of Lakeshore Casino.NEW YORK--(BUSINESS WIRE)--July 2, 1996--Alpha Hospitality Corp. (Nasdaq:ALHY ALHY Alpha Hospitality Corporation (stock symbol; previously ALH) ; BSE See Bombay Stock Exchange. BSE See Boston Stock Exchange (BSE). :ALH ALH Advanced Light Helicopter ALH Amplitude of Lateral Head (Displacement) ALH Alpha Hospitality Corporation (former stock symbol; now ALHY) ALH Advanced Liquid Hydrogen ; warrants: Nasdaq:ALHYW; BSE: ALHW) announced today that its subsidiary, Jubilation Lakeshore Inc., has informed its employees that, absent a sale or other satisfactory arrangement, it intends to close its gaming vessel operation at Lakeshore, Miss., during the next 60 days. The company has determined that the current, difficult competitive situation on the Mississippi Gulf Coast The Mississippi Gulf Coast refers to the three Mississippi counties which lie on the Gulf of Mexico: Hancock County, Mississippi, Harrison County, Mississippi, and Jackson County, Mississippi. will continue for the foreseeable future. Consequently, the company intends to concentrate its Mississippi activities at its Greenville casino where the company's operation has exceeded its original expectations. Jubilation Lakeshore Inc. has stated that all obligations to unsecured creditors of the casino will be paid in full and that it was in discussions with its secured creditors with regard to liquidation of its secured obligations. Alpha Hospitality Corp. also announced today that it had reached preliminary agreement with Bryanston Group Inc. to convert approximately $19,000,000 of the company's debt currently held by Bryanston to equity through the issuance of preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. on terms which the company deems favorable to it. It is anticipated that approximately 718,688 shares of preferred stock would be issued in the conversion which would be convertible to common stock, after Dec. 31, 1996, on the basis of one preferred share for eight common shares. CONTACT: Alpha Hospitality Corp., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of James A. Cutler, Chief Financial Officer, 212/750-3500 |
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