Michigan gambling board OKs Greektown Casino sale
- Details
- Parent Category: News
- Category: Political Issues & Native Programs
- Published: 05 July 2010
Detroit, Michigan (AP) July 2010
Michigan regulators have approved an ownership change that allows Detroits Greektown Casino to emerge from bankruptcy protection.
The Michigan Gaming Control Board voted 4-0 during June to transfer ownership from the Sault Ste. Marie Tribe of Chippewa Indians to two investors groups.
The casino entered Chapter 11 bankruptcy protection two years ago. A U.S. bankruptcy judge approved an exit plan in January.
The casino will be jointly owned by a public company Greektown Superholdings Inc. and the private group Greektown Newco Sub Inc. The Detroit News says the new owners have raised $200 million in equity by selling preferred stock.
Online:
Greektown Casino
Michigan regulators have approved an ownership change that allows Detroits Greektown Casino to emerge from bankruptcy protection.
The Michigan Gaming Control Board voted 4-0 during June to transfer ownership from the Sault Ste. Marie Tribe of Chippewa Indians to two investors groups.
The casino entered Chapter 11 bankruptcy protection two years ago. A U.S. bankruptcy judge approved an exit plan in January.
The casino will be jointly owned by a public company Greektown Superholdings Inc. and the private group Greektown Newco Sub Inc. The Detroit News says the new owners have raised $200 million in equity by selling preferred stock.
Online:
Greektown Casino