It is being touted as the most complex restructuring of debt by a tribal casino and Foxwoods Resorts officials can now say that after some four years of negotiating they have completed an agreement involving $2.3 billion of debt.
The fact the casino resort is owned by the Mashantucket Pequot Tribe made the negotiations more difficult, say participants.
“The sovereignty of the issuer meant we lacked many of the traditional tools available in a corporate restructuring, including certain points of leverage, a framework for negotiations and typical sources of value,” explained a participant.
The deal lengthens the debt maturity dates and eliminates $550 million in debt obligations.
Ray Poirier is the longtime executive editor at GamingToday.
Contact Ray at [email protected].