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Michigan board won't force Greektown sale

DETROIT, Michigan -- As reported by Soo Today: "Michigan gaming regulators today allowed Greektown Casino to continue executing a business reorganization plan aimed at improving the financial health of the casino during Chapter 11 bankruptcy protection.

"The Michigan Gaming Control Board (MGCB) voted not to force a sale of Greektown Casino at this time.

"Instead, the regulators voted to give the casino time to reorganize and improve operations during Chapter 11 or face the potential of having to sell the property at some point in the future.

"Casino representatives pledged their full cooperation with the MGCB, including providing more frequent and detailed financial and operational reports to the regulators and their staff.

"...On May 29, Greektown Casino voluntarily asked the U.S. Bankruptcy Court in Detroit for approval to reorganize its finances and maintain normal business operations under the protection of Chapter 11 of the U.S. Bankruptcy Code.

"Since the Chapter 11 filing, U.S. Bankruptcy Judge Walter Shapero and the MGCB have approved $51.3 million in interim financing that will enable Greektown Casino to continue construction of its permanent casino and hotel..."

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