New Cotai Keeps Control of Bankruptcy During Silver Point Probe

New Cotai Holdings LLC, a bankrupt casino investment vehicle controlled by hedge fund Silver Point Capital LLC, can continue to exclusively steer its bankruptcy case for 90 more days despite creditors’ attempt to seize control.

The extension, ordered by a New York bankruptcy court on Sept. 25, would buy some time for New Cotai as it awaits the results of an investigation into its Macau investment target’s initial public offering that contributed to its bankruptcy.

A group of creditors, who hold about 70% of New Cotai’s $856 million funded debt, argued that New Cotai should be stripped of its exclusive ...