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Michigan Gambling News Brief

Greektown Casino may be closer to bankruptcy exit

freep.com,  Friday, January 22, 2010 at 3:57:04 PM

A bankruptcy judge approved a plan today that could usher Greektown Casino out of bankruptcy protection.

The plan, the third proposed to the U.S. Bankruptcy Court in Detroit, allows the casino's bondholders to take ownership of Greektown Casino. But the casino, which has been slogging through its Chapter 11 bankruptcy filing since May 2008, has a few hurdles before it can emerge.

Greektown Casino still needs to get the City of Detroit's approval and still must approach state regulators for a 5% tax rollback.

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