Butera said Tuesday he has negotiated a significant deadline extension with several firms that hold a $960 million subordinate bond, the Las Vegas Review-Journal reported Wednesday. That debt went into default when Tropicana lost its New Jersey gaming license last December, the newspaper said.

If Sunday's deadline hadn't been stretched, it could have caused the bond holders to force the casino company into Chapter 11 bankruptcy. The length of the extension had not been disclosed.

"We've bought ourselves some time because we're in, what I think are, very productive conversations," Butera said. "We've bought ourselves time to hopefully negotiate recapitalization with our note holders."

The company, which has properties in Atlantic City, Las Vegas, Evansville, Ind., and Vicksburg, Miss., among its holdings, reportedly had made some progress on restructuring its debt load before getting the extension. It is trying to sell its Casino Aztar in Evansville, the Tropicana in Atlantic City and a casino in Vicksburg.