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Judge allows Detroit casino to borrow needed cash

5 February 2009

DETROIT, Michigan -- As reported by Detroit Free Press: "Greektown Casino can borrow the money it needs to complete its new 400-room hotel, a U.S. Bankruptcy Court judge ruled today.

"Judge Walter Shapero approved $22.5 million in loans, part of a $46-million financing package that the downtown casino owners say is needed to keep its general contractor on the job.

"The hotel is expected to open Thursday.

"Creditors balked at the cost of the financing, but eventually agreed to the deal. Greektown must pay the lender about $7.5 million in fees and agree to an interest-rate hike on its current financing package of $150 million..."

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