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Issues still left in Greektown bankruptcy

DETROIT, Michigan -- As reported by the Detroit Free Press: "Greektown Casino's bankruptcy is headed into its final stretch, yet some key issues remain unresolved.

"Its unsecured creditors and bondholders have questioned how the casino's worth of $540 million -- which leaves them with nothing -- was calculated. Bondholders alone are owed $185 million that would not be recovered.

"Meanwhile, the legal bills keep mounting and the casino's valuation may count on revenue that doesn't materialize in the recession, said turnaround expert Ken Dalto of Farmington Hills.

"'They are emerging in the worst economy since the Great Depression,' Dalto said.

"The casino, which filed for Chapter 11 protection in May 2008, had paid $28.2 million in legal fees and professional services through July 31, said Chuck Moore, a turnaround expert for the casino's estate..."

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