Foxwood Casino Owner Strikes Deal To Restructure $2B Debt

Law360, New York (August 3, 2012, 6:21 PM EDT) -- The Mashantucket Pequot Tribal Nation, which owns the struggling Foxwoods Resort Casino in Connecticut, the largest casino in the U.S., reached a deal Friday with its lenders and bondholders to restructure $2.2 billion in outstanding debt.

MPTN, whose casino ran into financial trouble after the recession, has been in negotiations with its bank lenders since 2009.

“This represents a critical step forward for our business,” Foxwoods CEO Scott C. Butera said.

“The comprehensive agreement substantially lowers our aggregate debt balance and extends maturities in our gaming...
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