GB Property Funding Corp, et al. – ‘8-K’ for 6/1/99

On:  Tuesday, 6/15/99   ·   For:  6/1/99   ·   Accession #:  1005477-99-2832   ·   File #s:  33-69716, -01, -02

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Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                         3     10K 

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8-K
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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

----------

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
 Securities Exchange Act of 1934

 Date of Report (Date of earliest event reported):
June 1, 1999

 GB PROPERTY FUNDING CORP.
 GB HOLDINGS, INC.
 GREATE BAY HOTEL AND CASINO, INC.
(Exact name of Registrant as specified in its Charter)

     Delaware                                   75-2502290
     Delaware                                   75-2502293
     Delaware                  33-69716         22-2242014
  --------------------------------------------------------
 (State or other juris-     (Commission    (IRS Employer
  diction of incorporation)  File Number)   Identification
                                                   Number)

c/o Sands Hotel & Casino                                      
Indiana Avenue and Brighton Park, 9th Floor                     
Atlantic City, New Jersey                           08401       
(Address of principal executive office)          (Zip Code)     

Registrant's telephone number including area code: (609) 441-4517   
                                                --------------

Not Applicable
 ---------------------------------------------------
(Former name and former address, as changed since last report)

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Item  5. Other Events                                                           

           On June 1, 1999, GB Property Funding Corp. ("GB Property Funding"),
GB Holdings, Inc. ("Holdings"), and Greate Bay Hotel & Casino, Inc. ("GBHC"),   
(collectively, the "Debtors") filed with the United States Bankruptcy Court for 
the District of New Jersey a plan of reorganization and disclosure statement    
(the "Plan") which provides for, among other things, the distribution to holders
of first mortgage notes for the benefit of GBHC issued by GB Property Funding of
$80 million, principal amount of new First Mortgage Notes and 100% of the new   
Common Stock of Holdings. The Plan also provides that all of the outstanding    
Common Stock of Holdings, GB Property Funding and GBHC will be cancelled and    
that new Common Stock of GB Property Funding and GBHC will be issued to         
Holdings.                                                                       

    There can be no assurance that the Plan will be confirmed in its present
form or that the transactions contemplated thereby will be consummated.         

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SIGNATURES

   Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf  
by the undersigned hereunto duly authorized.                                    

                 GB PROPERTY FUNDING CORP.

Dated:  June 15, 1999               By: /s/ Timothy A. Ebling                   
                                        ----------------------------------------
                Name:  Timothy A. Ebling
                           Title: Executive Vice President and
                             Chief Financial Officer

         GB HOLDINGS, INC.

Dated:  June 15, 1999               By: /s/ Timothy A. Ebling                   
                                        ----------------------------------------
                Name:  Timothy A. Ebling
                           Title: Executive Vice President and
                             Chief Financial Officer

                         GREATE BAY HOTEL AND CASINO, INC.

Dated:  June 15, 1999               By: /s/ Timothy A. Ebling                   
                                        ----------------------------------------
                Name:  Timothy A. Ebling
                           Title: Executive Vice President and
                             Chief Financial Officer

Dates Referenced Herein

				Referenced-On Page
This ‘8-K’ Filing		Date		First		Last			Other Filings
Filed on:		6/15/99		3					None on these Dates
For Period End:		6/1/99		1		2
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