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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.