Bref HR, which owns and operates the Hard Rock Hotel & Casino Las Vegas, is in talks with a lender to restructure the company’s debt.

Bref owes about $51.4 million in interest on one of its loans. The company has been able to secure a forbearance agreement, and then amendments, with the lender in order to push back the due date, because the company does not have the money to make the payment.

The interest is now due Dec. 15, but if Bref doesn’t make the payment on time, the lender may demand full payment of the $997.5 million loan. Bref says it does not have the money to make that payment, which raises substantial doubt about its ability to continue as a going concern, or without the threat of liquidation, according to a Nov. 13 filing with the U.S. Securities and Exchange Commission.

The company’s debt is secured by the hotel, which gives the lender the option to foreclose.

Bref has been struggling for a while. Through the end of the third quarter of 2014, the company has incurred $72.8 million loss, in addition to carrying a $273.3 million deficit, according to SEC filings. In the first three quarters of 2013, the company incurred a $68 million loss.

Affiliates of Brookfield Financial LLC formed New York-based Bref in February 2011 to buy the interests of HRHH JV Junior Mezz LLC, which indirectly owned the hotel. HRHH’s interests were assigned to Bref in lieu of foreclosure after HRHH had defaulted on a mortgage loan provided by Brookfield. (Bref is a franchisee of Hard Rock Cafe International, Inc., which owns the global trademark for all Hard Rock brands.)

The company has been working to restructure its debt since the interest payment was originally due in March. For more, see Las Vegas Hard Rock Hotel & Casino Aims to Avoid Foreclosure. 

Though casinos struggled during the downturn, recently there have been several M&A deals for gaming groups. For more, see The Buyside: Pinnacle Deal Signifies Gaming Comeback. 

For the previous edition of Turnaround Tuesday, see Struggling Salon Media Looks to Raise Capital. 

For more struggling companies, see Mergers & Acquisitions Distressed Company Watch List. 

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