Greektown enters amendment to extend revolving credit facility to 2014

By Jennifer Chiou

New York, March 15 - Greektown Superholdings Inc. announced that the Michigan Gaming Control Board approved the amendment to the company's revolving credit facility with Comerica Bank to extend the maturity by one year to Dec. 31, 2014.

The board meeting took place on March 12.

According to a news release, the board tabled the company's request for the approval of a temporary suspension of the covenant contained in the MGCB 2010 order requiring it to maintain a specified minimum ratio of EBITDA to fixed charges.

The release said that based upon current estimates, Greektown may not be able to maintain the required minimum ratio for the 12-month measurement period ending March 31.

The company is working with the board to address the matter.

Greektown operates through its subsidiaries, including the Greektown Casino-Hotel, which is located in Detroit.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.