Detroit Casino Folds Into Ch. 11

Law360, New York (June 2, 2008, 12:00 AM EDT) -- Detroit gaming facility Greektown Casino has filed for Chapter 11 bankruptcy protection, claiming that construction setbacks and cost overruns on a new expansion project have pushed it into financial trouble.

The casino, its holding companies and several affiliates on Thursday filed voluntary petitions for Chapter 11 in the U.S. Bankruptcy Court for the Eastern District of Michigan. Greektown, which is owned by the Sault Ste. Marie Tribe of Chippewa Indians, listed estimated assets of under $50,000 and estimated liabilities between $100 million and $500 million....
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