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Detroit casino says it needs $46 million

DETROIT, Michigan -- As reported by the Detroit Free Press: "Greektown Casino may halt operations unless it gets bankruptcy court approval to borrow another $46 million to stay open and finish its new 400-room hotel, according to a court filing.

"Creditors are balking at the terms of the financing, which includes millions of dollars in additional fees, calling the terms astounding.

"The creditors and Greektown appear to be heading for a showdown in U.S. Bankruptcy Court in Detroit on Monday.

'The additional financing appears to be entirely overreaching and unreasonably favorable to the lenders,' the creditors committee said in a motion filed Friday. 'The management board's approval of the additional financing raises serious questions as to whether the board has reasonably exercised its business judgment in this regard.'

"Joel Applebaum, an attorney at Clark Hill who represents the creditors, said Friday that creditors are concerned about the cost of the new request.

"...Greektown, which filed for bankruptcy in May, has received $150 million in loans to operate under bankruptcy protection but says it needs to borrow more to complete the hotel for its scheduled opening on Feb. 12..."

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