OK'd Majestic Star Ch. 11 Plan Will Cut Debt By 80%

Law360, New York (March 10, 2011, 7:10 PM EST) -- Majestic Star Casino LLC obtained bankruptcy court approval Thursday for a restructuring plan that will trim its debt burden by almost 80 percent to $160 million.

Judge Kevin Gross signed off on the plan at a hearing in the U.S. Bankruptcy Court for the District of Delaware after the debtors reached an 11th-hour accord with the city of Gary, Ind., to resolve an objection over a land development agreement.

“It would be a very foolish judge to stand in the way of such a consensual plan,”...
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