Greektown Reorganization Plan Approved; Sault Tribe Out

From the Detroit News:

A plan approved Friday to lead Greektown Casino out of bankruptcy protection will repay most creditors and strip ownership from the Sault Ste. Marie Tribe of Chippewa Indians.

Judge Walter Shapero of the U.S. Bankruptcy Court in Detroit confirmed the plan, pending state and city approvals on other issues that must be obtained by June 30. The plan, the third proposal since Greektown filed for Chapter 11 bankruptcy protection in May 2008, was approved by creditors last week.

“Greektown Casino is now approaching the finish line for its exit from bankruptcy,” said Charles Moore, the casino’s lead restructuring adviser with Conway MacKenzie Inc. in Birmingham.