The tribe was interested in filing for bankruptcy because it believed it would have more leverage against junior creditors in court, one source said. 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.

Foxwoods casino owners