Chippewa Tribe May Lose Greektown

After more than a year, the Chapter 11 saga of bankrupt Greektown Casino-Hotel is moving toward conclusion, but the casino's owners aren't in for a happy ending.

Likely to be a victim of the casino's restructuring will be the Sault Ste. Marie Tribe of Chippewa, which also operates smaller gambling halls in the Upper Peninsula.

The only bankruptcy exit plan sitting before Judge Walter Shapero would strip the tribe of its ownership and award Greektown's primary creditor, Merrill Lynch, with majority control of Detroit's third-largest casino by revenue. Plans call for the casino to exit bankruptcy by September.

Bondholders and some other creditors would be left with nothing as well.

For the complete story, please see Nathan Hurst, Tribe may lose Greektown Casino-Hotel, The Detroit News, July 22, 2009.