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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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