The Mashantucket Pequot Tribal Nation of Connecticut is nearing a deal to restructure more than $2 billion in gaming debt, a spokesperson confirmed.

Negotiations are ongoing but The Wall Street Journal said the tribe is looking to reduce its debt load to around $1.5 billion. “It’s an accurate representation of the general stage of negotiations although I can’t attest to the exact numbers," spokesperson Hud Englehart told The Norwich Bulletin.

Some analysts said the rates being discussed -- 6 percent and 8 percent interest -- appear favorable, considering that the tribe has already gone into default. They said the tribe will likely agree to waive its sovereign immunity in order for creditors to go after the debt in the future.

The tribe operates Foxwoods Resort Casino and MGM Grand at Foxwoods.

Get the Story:
Foxwoods nears deal on its debt (The Norwich Bulletin 8/16)
Foxwoods Close to Restructuring $2 Billion Debt, Wall Street Journal Reports (The Hartford Courant 8/16)
Mashantuckets may pay price for debt deal (The New London Day 8/16)

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Mashantucket Tribe closes in on deal to restructure casino debt (8/15)