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Michigan Gambling News Brief

Board OKs loan to pay Greektown contractors

Detroit Free Press,  Thursday, June 5, 2008 at 2:55:08 PM

The Michigan Gaming Control Board today approved a $51.3-million loan package to pay contractors working on Greektown's hotel and casino construction project.

The money is part of a $150-million loan from Merrill Lynch to finish construction at the financially ailing casino. Lawyers will ask a bankruptcy judge later to approve the remainder of the loan.

Greektown filed for bankruptcy protection May 29, as unpaid bills mounted and notes to bond holders and others came due.

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