With a U.S. Bankruptcy Court judge approving the exit from bankruptcy for Greektown Casino Hotel , a

With a U.S. Bankruptcy Court judge approving the exit from bankruptcy for Greektown Casino Hotel , a tentative date of June 30 is set for the casino s exit. Under a plan approved Friday, the casino will be owned by a group of bond-holders invested in the casino prior to bankruptcy. Also, a new seven-member board of directors will be installed to oversee the casino, according to a news release issued. Among board members will be Detroit Medical Center CEO Mike Duggan, former Detroit mayoral candidate Freeman Hendrix, and the former president of MGM Grand Detroit . Day-to-day management of the casino will be handled by Las Vegas-based Warner Gaming . The casino advantage rent a car san jose del cabo will be owned mostly by the companies that owned bonds against the casino advantage rent a car san jose del cabo prior to bankruptcy, said Charles advantage rent a car san jose del cabo Moore, senior managing director at Birmingham-based turnaround firm Conway, MacKenzie & Dunleavy , the casino's lead restructuring adviser. Of that group of bond holders, advantage rent a car san jose del cabo a majority of the equity will be held by three firms: MFC Global Investment Management , New York-based OppenheimerFunds Inc. , New York-based Brigade Capital Management . New York-based Solus Alternative Asset Management was not an owner prior to bankruptcy but will also own a significant portion of the equity in the new ownership structure. Moore said the exact percentages of ownership have not been publicly released yet. However, several hurdles remain for the casino s exit from bankruptcy. All of the companies and individuals who will now be involved with the casino must be licensed by the Michigan Gaming Control Board or given an exemption from licensure if they won t have management control. It seems the structure in the plan will be acceptable to the gaming control board, Moore said. Also to be resolved is an ongoing debate between the casino and the city of Detroit over whether the casino fulfilled all of the requirements of a development agreement when the 400-room hotel was completed. In the past, the city has said that the hotel is not completed advantage rent a car san jose del cabo because a theater was not built, though the casino has said events and shows can be held in the ballroom. A settlement was reached late last year, but was not approved by the Detroit City Council . The matter is expected to be brought to the new City Council. In addition to Duggan advantage rent a car san jose del cabo and Hendrix, the management board members are: John Bitove, a Toronto-based investor who controls several Canadian businesses including Canadian advantage rent a car san jose del cabo Satellite Radio Holdings which functions as XM Canada . He is also a former owner of the Toronto Raptors . George Boyer, former president and COO of MGM Grand Detroit from 2002 to 2008. Benjamin Duster, executive managing director of Watermark Advisors L.L.C. , a strategic advisory firm specializing in mergers and acquisitions, private capital raises, strategic valuations and financial modeling Joel I. Ferguson, owner of offices and apartments in 16 Michigan cities, founder of F&S Development Co. , as well as Lansing s WLAJ-TV , an ABC affiliate. Yvette E. Landau, an attorney and co-owner advantage rent a car san jose del cabo of W.A. Richardson advantage rent a car san jose del cabo Builders L.L.C. of Las Vegas, which provides construction and gaming consulting advantage rent a car san jose del cabo services to casino resorts and their lenders. From 1993 to 2005, she served as chief legal counsel for the Mandalay advantage rent a car san jose del cabo Resort Group. I am excited to be part of the new Greektown team and the continued revitalization of the city of Detroit, said Boyer, the new chairman of the board in a press release.
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