Both sides agreed to cancel a hearing that had been scheduled for Tuesday in Atlantic City while they try to negotiate a settlement.
Gilbert Brooks, a lawyer for the Hilton, says he's optimistic a deal can be worked out.
The Hilton stopped paying its bank loans in July 2009 and has been trying to work out a deal with its lenders since then. As of the end of September, the casino had skipped $39.3 million worth of payments, including interest.
U.S. Bank National Association has filed a motion seeking permission to foreclose on the struggling casino.