"The plans will restore the company's financial viability, maximize the opportunity to regain control of casino operations in New Jersey, continue rebuilding infrastructure compromised prior to the start of the restructuring and produce value-enhancing returns for future equity owners," says Trop president and CEO Scott Butera, in a statement.

Tropicana Entertainment had filed for Chapter 11 protection in US Bankruptcy Court in Delaware in May, listing assets of $2.8 billion and liabilities of $3.3 billion. The company has since been trying to restructure part of the $3 billion debt load, which largely traces to its $2.1 billion buyout of Aztar Corp. in 2007. The financial problems kicked in after the company lost its license to operate the Atlantic City property.

In its latest filing, Tropicana proposes to create a company called OpCo to own and operate the local casino/hotel and nine other properties across the country. A second company called LandCo would own and operate the Las Vegas casino/hotel.

Also, William Yung III, under whose leadership the Atlantic City property faltered, would have no equity in either company. He stepped down as an officer of the Crestview Hills, KY-based Columbia Sussex in June and signed away his right to control it, though he still owns it.