The Mashantucket Pequot Tribal Nation of Connecticut reached a deal to restructure $2.2 billion in gaming-related debt.

The tribe incurred the debt through the operation and expansion of Foxwoods Resort Casino. Revenues at the facility have suffered the effects of the national recession.

"It is fair and consensual, and implementation of the plan will help provide for the long-term financial stability of our tribal community as well as enhance the competitive strength of Foxwoods Resort Casino. The Council is grateful to all of its tribal Members, employees, vendors, patrons, and local community partners for their support during these challenging times," Chairman Rodney Butler said in a press release.

The tribe reached the deal with a steering committee of lenders and bondholders. It could lower the overall debt to about $1.7 billion, The Wall Street Journal reported, and it includes a $30 million line of credit.

Get the Story:
Foxwoods tribe reaches accord on $2.2B in debt (The Norwich Bulletin 8/3)
Mashantuckets reach debt-restructuring deal with lenders (The New London Day 8/3)
Foxwoods Casino Owner to Restructure $2.2 Billion in Debt (Bloomberg News 8/3)
Foxwoods Tribe Reaches Debt Restructuring Deal (The Wall Street Journal 8/3)