Judge approves loans for Greektown Casino hotel to open
February 4, 2009
DETROIT – A U.S. Bankruptcy Court judge ruled the Greektown Casino can borrow
the money needed to complete its new 400-room hotel. The ruling allows Greektown
to pay its general contractor to complete the remaining work and to open the
hotel later next week.
Creditors reluctantly agreed to the deal. Greektown will pay the lender
$7.5 million in fees and an interest-rate hike on its current $150 million loan.
"The creditors committee views the completion of this project as important to
any recovery," said Joel Applebaum, an attorney representing the unsecured
creditors. "The importance of those fees are less than the fact that we're nine
days away from the opening of the hotel. We want to do nothing to jeopardize
Greektown filed for bankruptcy protection in May 2008.
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