Pequot Tribe fails to make gaming debt payment

Thursday, December 17, 2009  

As anticipated, the Mashantucket Pequot Tribal Nationof Connecticut defaulted on a $21.25 million casino debt payment.

In November, the tribe made a partial payment of $14.2 million. The grace period for the remainder expired yesterday without further action.

The tribe has been seeking to restructure more than $1 billion in debt associated with the Foxwoods Resort Casino and MGM Grand at Foxwoods. Indian Country and the financial world have been paying close attention to the situation.

'The fact that it's such a large amount and the fact that it's one of the leading casinos in the country - in the world, really - makes it significant," attorney Kevin Quigley of Hamilton, Quigley & Twait told The New London Day.

Get the Story:
Next step after tribe's default not yet certain (The New London Day 12/17)