The credit crunch has hit Tropicana Entertainment, forcing the casino and resort company to file for bankruptcy. Nevertheless, the Kentucky-based firm vows to continue to serve its customers on a "business-as-usual" basis at the nine properties affected. The company’s Atlantic City, NJ casino and resort and the Lighthouse Point Casino in Greenville, MS are not part of the filing.

During the Chapter 11 reorganization, Tropicana aims to maintain current staffing levels and fund most of its operations from its own cash flow. It has secured a $67-million debtor-in-possession (DIP) loan from Silver Point Finance to ensure each property's competitive market position.

Scott C. Butera, Tropicana president, says the "positive operational cash flows" and DIP financing provide sufficient resources to meet Tropicana's "ongoing financial needs."

Butera, who will manage the restructuring, says he expects Tropicana to emerge from the "process as a stronger, more competitive brand."