Monday, June 2, 2008

Greektown Casino Files for Chapter 11

Citing significant delays and cost overruns associated with its expansion, Greektown Casino in Detroit has asked a federal court for approval to reorganize its finances and continue business operations under the protection of Chapter 11 of the U.S. Bankruptcy Code, the Sault Ste. Marie Tribe of Chippewa Indians announced today.

“We are not closing. We are not bankrupt. We are a profitable company with a liquidity issue,” Greektown Casino spokesman Roger Martin told the Detroit Free Press.