Greektown Holdings disclosure statement approved by bankruptcy court

By Lisa Kerner

Charlotte, N.C., Dec. 4 - Greektown Holdings, LLC's disclosure statement was approved by the U.S. Bankruptcy Court for the Eastern District of Michigan on Friday, according to an attorney close to the case.

As previously reported by Prospect News, holders of a majority of the principal amount of its pre-bankruptcy bank debt reached agreement on amendments under which they will support the plan of reorganization filed on Nov. 2.

Under the proposed amended plan, the bank lenders will be paid in full in cash on the effective date of the plan.

Greektown, a Detroit casino operator, filed for bankruptcy on May 29, 2008. Its Chapter 11 case number is 08-53104.

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