The Mashantucket Pequot Tribal Nation initially considered attempting an unprecedented Chapter 11 bankruptcy filing for the Ledyard, Ct.-based casino, sources familiar with the restructuring process told The Deal Pipeline.
'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.'Īlthough the parties eventually reached a consensual solution that more than 99% of bondholders voted to approve, the restructuring raised the specter of an even more complex outcome: the first-ever bankruptcy filing by a Native American tribe. LLC, which advised about half of the casino's creditors. 'This was the most complicated deal we have ever worked on,' said Soren Reynertson, a managing general partner at New York-based GLC Advisors & Co. The deal, announced on July 1 by the casino's owner, the Mashantucket Pequot Tribal Nation, was touted by sources familiar with the restructuring as the most complex restructuring involving a Native American tribe in history. NEW YORK ( TheStreet) - The restructuring of Foxwoods Resort Casino's $2.3 billion in debt has concluded with an out-of-court agreement after four years of negotiations, eliminating $550 million in debt obligations and pushing back debt maturity dates.
