Greektown Casino Disappointed with Low Bids

Greektown Casino-Hotel will spend more time looking at ways to reorganize its debts rather than selling the property to exit bankruptcy, after multiple bids came in lower than expected, a financial adviser for the gambling hall said Thursday.

Chuck Moore, an adviser from Birmingham-based Conway MacKenzie Inc., which is working on Greektown's bankruptcy, told the Michigan Gaming Control Board at its Thursday meeting that his team would shift focus toward looking at ways the casino can reorganize some $777 million in debt.

"There was disappointment at the values of the bids we've seen so far," Moore said. "Our creditors don't believe they adequately compensate for the performance of the property."

Officials in charge of Greektown's estate have been shopping the property around to potential bidders in a two-pronged approach to getting the casino out of Chapter 11 protection.

For the complete story, please see Nathan Hurst, Greektown Casino rejects low-ball bids, The Detroit News, May 7, 2009.