Mashantucket Tribe not in active talks to restructure casino debt

Monday, October 6, 2014

The Mashantucket Pequot Tribal Nation of Connecticut owns the The Foxwoods Resort Casino. Photo from Twitter

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The Mashantucket Pequot Tribal Nation of Connecticut is not actively in talks to restructure $1.7 billion in gaming debt, an outgoing executive said.

The tribe failed to make a payment on its debt in August. That prompted Standard & Poor's to lower the tribe's credit rating to SD or selective default, but Scott Butera, who will step down as CEO of the Foxwoods Resort Casino on October 31, downplayed the development.

"We're not involved in a restructuring," Butera told The New London Day. "It's business as usual. We're in discussions with our banks."

The tribe restructured its debt a year ago and reached an debt forgiveness agreement with some lenders in June. Some analysts, however, believe a restructuring is inevitable, the paper reported.

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Mashantuckets' failure to make payment on debt in August lowers credit rating (The New London Day 10/4) Related Stories:
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