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Greektown Officials Denies Troubles Despite Bankruptcy Protection
On June 8th, 2008, the Greektown Casino facility commented that their customers would not see any obvious different and it expansion project worth $500 million will continue to progress despite the fact that they have filed for bankruptcy. The management of the casino also informed their employees that they will not be dismissed from their jobs despite the current reorganization that the casino is experiencing.
Greektown Holdings LLC, Greektown Casino LLC and their various affiliates recently filed for the Chapter eleven bankruptcy protection after failing to meet the requirements for their credit line. Casino Management Board head Tom Miller commented that as they fixed their business and finished the expansion of their gambling facility with additional money, their main goal is a larger and more economically viable Greektown Casino.
The casino facility commented that they are currently finishing a $150 million financing with banks to continue their operation and finishing the construction of their expanded gaming hall, which is to be launch this summer and a four hundred room establishments, which will open next year.
Greektown Holdings commented in their court filing that they have failed to finalize all of their requirements for the loan agreements that they have made with Merrill Lynch, Pierce, Fenner and Smith Incorporated which means that they could not use the money from their credit line and made it harder for them to earn new debt without filing for the bankruptcy protection.
The loan of the casino was $314.5 million as of March 31st, 2008. The main owner of the casino facility was the Sault Ste. Marie Tribe of Chippewa Indians. Tribal head Aaron Payment said to the Greektown Casino employees that they should not fear any job cuts because they will not dismiss any of their employees and blame the current mess to the state gaming regulators.
Payment said that that they want to safeguard their properties from the unfair rules of the Michigan Gaming Control Board. Rick Kalm, the executive director of the Michigan Gaming Control Board has dismissed the claims of Greektown Casino head Aaron Payment. The state has set a June 10th, 2008 deadline for Greektown casino officials to explain why Michigan should not insist on its sale.
Author: News Submitted by:
Jack Silverman
30 June 2008
