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Creditors object to Greektown deal15 August 2008DETROIT, Michigan -- As reported by the Bloomberg News: "Greektown Casino LLC, which is in bankruptcy reorganization, shouldn't get an exclusive right until June 1 to file a turnaround plan, a group of creditors and a U.S. government representative told a judge. "Greektown's request to block competing plans for more than eight months beyond the current Sept. 26 deadline should be denied because the company can realistically gauge its success long before then, U.S. Trustee Daniel McDermott said in an objection filed Monday in U.S. Bankruptcy Court in Detroit. "...Closely held Greektown won court approval last June to borrow $150 million to continue operations and construction of a new hotel and gaming floor. McDermott questioned the viability of the company's projected future operations during an economic decline in the U.S. "...Objections also were filed by the Michigan Gaming Control Board and the official committee of unsecured creditors..." |