Top issues unsettled in casino bankruptcy
Creditors question Greektown's value as process nears end
BY GRETA GUESTFREE PRESS BUSINESS WRITER
Creditors question Greektown's value as process nears end
BY GRETA GUESTFREE PRESS BUSINESS WRITER
posted by Ka Lee Angel Lee
Greektown Casino's bankruptcy is headed into its final stretch, yet some key issues remain unresolved.
Its unsecured creditors and bondholders have questioned how the casino's worth of $540 million -- which leaves them with nothing -- was calculated. Bondholders alone are owed $185 million that would not be recovered.
Meanwhile, the legal bills keep mounting and the casino's valuation may count on revenue that doesn't materialize in the recession, said turnaround expert Ken Dalto of Farmington Hills.
Its unsecured creditors and bondholders have questioned how the casino's worth of $540 million -- which leaves them with nothing -- was calculated. Bondholders alone are owed $185 million that would not be recovered.
Meanwhile, the legal bills keep mounting and the casino's valuation may count on revenue that doesn't materialize in the recession, said turnaround expert Ken Dalto of Farmington Hills.
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