Ind. City Battles Majestic Star Ch. 11 Plan

Law360, New York (March 3, 2011, 7:03 PM EST) -- Gary, Ind., on Thursday urged a Delaware bankruptcy court to reject Majestic Star Casino LLC's reorganization plan, saying the plan does not leave the debtor with enough cash to cover its land development agreements with the city.

Gary, which maintains that it has $50 million worth of claims against Majestic Star, filed an objection to the casino operator's second amended plan of reorganization in the the U.S. Bankruptcy Court for the District of Delaware.

The city argues that the court should not to confirm the plan...
To view the full article, register now.