Business Services Industry
STRATOSPHERE CORPORATION ENGAGES DONALDSON, LUFKIN & JENRETTE AS FINANCIAL ADVISOR
Business Wire, August 21, 1996
LAS VEGAS--(BUSINESS WIRE)--Aug. 21, 1996--Stratosphere Corporation (NASDAQ:TOWV) today announced that a committee of independent directors has recommended to the Board of Directors to engage Donaldson, Lufkin & Jenrette to act as its financial advisor. Donaldson, Lufkin & Jenrette has been retained and will be reviewing various alternatives to maximize shareholder value including a possible restructuring of its existing indebtedness and infusion of additional capital through a rights offering.
Stratosphere Corporation is a casino/hotel/entertainment complex located at the north end of the Las Vegas Strip. The complex is centered around the Stratosphere Tower, the tallest free-standing observation tower in the United States. Stratosphere Corporation is 42 percent owned by Grand Casinos, Inc. (NYSE:GND).
CONTACT: Donna Volkers, 612/449-8534 or
Pam Zahn, 612/449-7071
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