DETROIT -- Lawyers for the financially troubled Greektown Casino asked a federal bankruptcy judge Tuesday to approve a $44.9 million emergency loan that will keep the gambling hall's construction of an expanded gaming floor and 400-room resort-style hotel from grinding to a halt.
Greektown pleaded its case during a hearing before U.S. District Court Bankruptcy Judge Walter Shapero. Casino lawyers described an especially tenuous relationship with more than 80 contractors and subcontractors over the past few months as the gaming hall fell behind on payments for materials and labor on the casino-hotel project.
Greektown, already with $314.5 million in outstanding loans, is seeking a total of $150 million in bankruptcy financing, which includes the emergency $44.9 million, from Merrill Lynch bank. The other part of the financing will come before the court at a later date.
For more information, please see Nathan Hurst, Greektown seeks $44.9M loan to keep casino-hotel project from shutting down, The Detroit News, June 3, 2008.
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