The Little Traverse Bay Bands of Odawa Indians of Michigan announced a restructuring of $143 million in gaming debt.
The tribe secured the financing to open the $122 million Odawa Casino Resort in 2007. But payments to bondholders were halted in February 2009 amid lower than expected revenues. The tribe worked with bondholders to come up with a new plan. In exchange for the $143 million debt, the tribe paid a lump sum of $23 million and agreed to pay nine percent interest on $40 million on new financing that will be due in 2020. "This transaction ensures that we will have the resources necessary for us to continue to invest in our resort, provide jobs for our community and support current and future generations of our tribal membership. We can now move forward without the uncertainty surrounding the restructuring affecting our tribal community,” Chairman Ken Harrington said in a press release. Get the Story: