Detroit’s Greektown Casino filed for Chapter 11 bankruptcy protection last week, following threats from the Michigan Gaming Control Board to force the casino’s owners to sell up. Whilst the filing buys Greektown further time to secure vital financing, the situation presents a unique challenge to the Michigan authority, say legal observers.Greektown Casino has asked a federal court to approve a reordering of its finances and has sought bankruptcy protection under Chapter 11 of the US Bankruptcy Code, the casino’s owners, the Ste. Marie Tribe of Chippewa Indians, revealed last Friday.
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