Greektown Targets September 2009 For Emergence From Bankruptcy

Greektown casino expects to emerge from bankruptcy on September 1, 2009.

Greektown's $150M Loan Approved

The Michigan Gaming Control Board approved Greektown Casino's $150 million construction loan for the completion of the permanent hotel and casino expansion.

The loan has already been approved by the United States Bankruptcy Court.

The loan will allow for the completion of the current construction projects.

Bankruptcy Court Approves Second Part of Greektown $150M Loan

The United States Bankruptcy Court overseeing the bankruptcy of Greektown Casino is approving the second part of the $150 million loan package which will allow for completion of the casino's expansion and permanent hotel.

The loan still awaits approval from the Michigan Gaming Control Board.

Greektown Casino Lays Off 89 Employees; More To Come

Greektown casino laid off 89 employees as part of $7.8 million in cuts after its bankruptcy filing. Most of the employees affected worked at the table games.

Greektown Casino Expects To Lose $15.6 Million In 2008

Greektown Casino expects to lose approximately $15.6 million in 2008, due to expected expenses of $20 million relating to its bankruptcy filing last week.

The casino's bankruptcy filing was, in part, due to a condition of its lender, Merrill Lynch, which would not extend further credit without the protection of a bankruptcy filing.

The casino has approximately $560 million in debt to lenders, bondholders, and former owners Ted and Maria Gatzaros.