IPR: Little Traverse Bay Bands stay afloat with gaming debt deal

Thursday, December 2, 2010  

"A struggling northern Michigan Indian nation has reached a deal with its bondholders that will save the tribe more than $80 million dollars.

The Little Traverse Bay Bands of Odawa Indians borrowed the money back in 2006, in order to build the Odawa Casino Resort. But the Petoskey casino has never brought in the kind of money the tribe had originally projected, and since early 2009 the tribe has been racking up more debt in unpaid interest.

Under the new deal, the tribe has a lower interest rate of nine percent, and more than half the current total will be erased."

Get the Story:
Tribe Says Deal Will Help Odawa Casino Stay Afloat (Interlochen Public Radio 12/1)

Related Stories:
Little Traverse Bay Bands restructure $143M in debt from casino (12/1)