Tribe reaches deal to restructure Foxwoods debt

MASHANTUCKET, Conn. (AP) — The Connecticut tribe that owns and operates the Foxwoods Resort Casino says it has struck an agreement to restructure $2.2 billion of debt.

Foxwoods president and chief executive officer Scott Butera says the agreement with steering committees of its lenders and bondholders will put Foxwoods and the Mashantucket Pequot Tribal Nation back on solid financial footing.

The Day of New London reported Thursday that the tribe and the steering committees will work toward building support for the deal over the next several months.

Tribal chairman Rodney Butler said the implementation of the agreement will strengthen Foxwoods and help provide for the long-term financial stability of the tribal community.

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Information from: The Day