Greektown Casino-Hotel Moving Forward
The Board of Directors of Greektown Superholdings, Inc., announced today that Greektown Holdings, L.L.C. and its subsidiaries, which operate Greektown Casino-Hotel in Detroit have emerged from bankruptcy and that the Chapter 11 Plan of Reorganization that was confirmed in January 2010 became effective today.
The Michigan Gaming Control Board approved the transfer and related matters on June 28, 2010.
“Greektown’s exit from bankruptcy eliminates approximately $500 million in debt. I expect that the new capital structure will allow Greektown to continue to contribute to the local economy and provide guests with a great experience”
George Boyer, who was the president and COO of MGM Grand Detroit from 2002 to 2008 and a key member of the development team for the permanent casino, which opened in 2007, has been appointed Chairman of the Board of Directors. John Bitove and Yvette E. Landau have also been appointed to the Board of Directors. Michael E. Duggan, Benjamin C. Duster IV, Joel I. Ferguson and Freman Hendrix have been nominated to the Board of Directors the Company and their appointments are currently under review by the Michigan Gaming Control Board.
Dechert LLP represented the proponents of the confirmed Plan of Reorganization. Dickinson Wright PLLC served as regulatory counsel to the plan proponents.
Chairman Boyer issued the following statement:
“The successful resolution of the bankruptcy case is a significant accomplishment for Greektown and the City of Detroit. The Greektown neighborhood continues to show great promise and we anticipate that we will continue to lead its resurgence. I expect that our experienced management team will continue to make Greektown a destination in downtown Detroit.
“I, along with my other Board members, want to thank everyone involved in making this successful transition. We especially want to single out CEO Cliff J. Vallier and every team member that has worked so diligently during this difficult period. The Michigan Gaming Control Board and the City of Detroit also deserve special recognition for their efforts in this process.
“Greektown Casino-Hotel has been, and will continue to be, one of the premier entertainment venues in Michigan.”
“Greektown’s exit from bankruptcy eliminates approximately $500 million in debt. I expect that the new capital structure will allow Greektown to continue to contribute to the local economy and provide guests with a great experience,” Vallier said. “I look forward to working with our new board of directors, which includes experienced industry executives and community leaders.”
Located at 555 E. Lafayette Boulevard in Detroit's Greektown Entertainment District, Greektown Casino Hotel opened on Nov. 10, 2000. Greektown Casino?Hotel opened its new 400?room hotel tower February 2009.
