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Greektown seeks court approvals to meet June 30 plan effective date
By Caroline Salls
Pittsburgh, June 2 - Greektown Holdings, LLC's noteholder plan proponents have asked the U.S. Bankruptcy Court for the Eastern District of Michigan to approve several plan of reorganization provisions that would allow the plan to take effect while the company and proponents await regulatory approvals, according to a Tuesday court filing.
As previously reported, the noteholder plan was confirmed on Jan. 22.
Before the plan can take effect, conditions must be met, including receipt of regulatory approvals from the City of Detroit and the Michigan Gaming Control Board for reorganized Greektown's ownership structure, capitalization and management, effectiveness of a tax rollback and court approval of a development agreement with the city.
The plan proponents said they have made significant progress toward the occurrence of the effective date and expect the plan to take effect on June 30.
However, some regulatory approvals have not yet been received.
As a result, the proponents are asking the court to approve the forms of the company's proposed $30 million exit facility as consistent with the plan and confirmation order, to approve consummation of the plan without a third-party management entity if proposed entity Warner Gaming does not receive gaming control board approval before the effective date and to approve consummation of the plan with fewer than the required number of directors and officers if gaming control board approval has not been secured by the effective date.
Greektown, a Detroit casino operator, filed for bankruptcy on May 29, 2008. Its Chapter 11 case number is 08-53104.
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