Greektown Casino has asked a federal court for approval to reorganize its finances and continue business operations under the protection of Chapter 11 of the U.S. Bankruptcy Code, the Sault Ste. Marie Tribe of Chippewa Indians announced today.
We are not closing, we are not bankrupt,” said spokesman Roger Martin. "We are a profitable company with a liquidity issue."
Greektown Holdings L.L.C., along with seven other related entities, filed Chapter 11 bankruptcy petitions with U.S. Bankruptcy Court in Detroit Thursday, saying it is unable to borrow more money and has hit massive cost overruns as it attempted to expand its Detroit casino.
“Significant delays and cost overruns in connection with the completion of the expanded complex have adversely affected Holdings’ businesses, Greektown Casino’s operations and Holdings’ financial condition and cash flow,” Greektown said in its bankruptcy filing.
Greektown said it estimates that it needs approximately $140 million of additional borrowings or equity contributions to complete the expansion.
For the complete story, please see Margarita Bauza, Greektown Casino falls into Chapter 11, Detroit Free Press, May 30, 2008.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment