The Work
October 27, 2009 6:20 PM
Weil Helps Foxwoods Get Temporary Debt Relief
Posted by Brian Baxter
The restructuring lawyers at Weil, Gotshal & Manges have been busy in recent months butting heads with creditors on behalf of ailing corporate clients.
On Monday, the firm advised the Mashantucket Western Pequot Tribal Nation on a forbearance agreement with senior lenders that will give their casino operations in Connecticut--better known as Foxwoods--a reprieve on debt payments until January 20. Terms of the agreement were not disclosed.
The Pequot Tribe, which doesn't publicly disclose its finances, has been trying to renegotiate $2.3 billion in debt. Some of that debt was accrued during a massive expansion started in 2005 and completed in 2008 that created the MGM Grand at Foxwoods, which is connected to the main Foxwoods resort by a moving walkway.
The Pequot Tribe partnered with MGM Mirage on the project, which turned the Foxwoods facilities in Ledyard, Conn., into one of the largest gaming centers in the country.
Weil restructuring partner Brian Rosen and corporate partners Andrew Yoon and Todd Chandler are leading a team that includes associates Matthew Curro, Oliver deGeest, and Thomas Feeney. (Rosen, who didn't immediately respond to a request for comment, advised MGM Mirage earlier this year in a high-profile battle with lenders over a half-finished project in Las Vegas.)
Like many casinos during the recession, Foxwoods and its
nearby rival Mohegan Sun have had to double down on their debt covenants to
survive the economic downturn.
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