On June 28th of this year, the Michigan Gaming Board made effective Geeektown’s Chapter 11 bankruptcy plan.
In our previous post about Greektown’s troubles, we discussed the recent difficulties that Greektown Casino has been having with their management and property. The newly appointed chairman to the board of directors, is the former president and chief operating officer of the MGM Grand Detroit, George Boyer. Others appointed to the board were John Bitove and Yvette Landau. John Bitove is a radio and sports investor from Toronto. Yvette Landau was the chief legal counsel for Mandalay Resort Group during 1993 to 2005.
CEO Cliff Vallier said in a statement that “Greektown’s exit from bankruptcy eliminates approximately $500 million in debt.”

Nancy Kaffer. “Greektown Casino Hotel emerges from Chapter 11 bankruptcy”. Crains Detroit. June 30, 2010. Web. July 01, 2010.