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In this Nov. 11, 2011 file photo, Foxwoods Resorts Casino and MGM Grand at Foxwoods buildings loom behind a barn in Mashantucket, Conn. (AP Photo/Jessica Hill)
Foxwoods announces creditor backing on debt
Updated: Monday, 15 Oct 2012, 9:10 AM EDT
Published : Monday, 15 Oct 2012, 9:07 AM EDT
MASHANTUCKET, Conn. (AP) — The parent company of Foxwoods Resort Casino says creditors have signed on to its plan to restructure $2.2 billion in debt.
Mashantucket Pequot Tribal Nation said Monday that holders of most of the debt among three classes of securities have executed a so-called restructuring support agreement related to the debt.
The Mashantucket Pequots announced Aug. 2 it reached agreement to restructure the debt, resolving a financial crisis at the largest casino in North America.
The tribe said most holders of special revenue obligation bonds, subordinated special revenue obligation bonds and 8.5 percent notes have executed the restructuring agreement.
Foxwoods and other Indian and some commercial casinos had borrowed to finance expansion plans and were caught short when business fell at the start of the recession in 2007.
A spokesman for a Connecticut Indian tribe says the share from …
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