Mashantucket Tribe closes in on deal to restructure casino debt

Monday, August 15, 2011  

The Mashantucket Pequot Tribal Nation of Connecticut is nearing a deal to restructure more than $2 billion in gaming debt, The Wall Street Journal reports.

The deal would leave the tribe with about $1.5 billion in debt. Many creditors would avoid huge losses although some will take a big hit in hopes of seeing a rebound in tribal gaming revenues, the paper said.

Banks, investors and other creditors have been closely watching the negotiations. If the deal "was resolved in a manner that was reasonable, fair or appropriate, that might, to some degree, alleviate concerns about lending to tribes," Keith Foley, a senior vice president at Moody's Investors Service who isn't a part of the talks, told the Journal.

Get the Story:
Proposed Foxwoods Deal Is Gamble for Creditors (The Wall Street Journal 8/15)
Mashantuckets closing in on debt deal (The New London Day 8/15)