September 21, 2014 1:47 PM ET

Hotels, Restaurants and Leisure

Company Overview of Greektown Holdings, LLC

Company Overview

Greektown Holdings, L.L.C., through its subsidiaries, owns and operates a hotel and casino gaming facility known as Greektown Casino-Hotel in the downtown area of the city of Detroit. Its Greektown Casino-Hotel offers a range of gaming, dining, and entertainment alternatives. The company’s facility comprises approximately 100,000 square-feet of gaming space with 2,850 slot machines and 63 table games, including a 12,500 square-foot salon dedicated to high-limit gaming and a live poker room; 3,709 attached and 1,750 unattached parking spaces; 10,000 square feet of convention space; a 400-room hotel; restaurants and food outlets on the gaming floor; and bars and entertainment facilities. Greek...

555 East Lafayette

Detroit, MI 48226

United States

Founded in 2005

1,824 Employees

Phone:

313-223-2999

Key Executives for Greektown Holdings, LLC

Vice Chairman
Age: 58
Chief Financial Officer
Age: 45
Senior Director of Finance and Assistant Treasurer
Age: 46
Vice President of Services
Age: 50
Compensation as of Fiscal Year 2014.

Greektown Holdings, LLC Key Developments

Greektown Holdings, L.L.C. Announces Closing of $425 Million Debt Offering

Greektown Holdings, L.L.C. and its wholly owned subsidiary Greektown Mothership Corporation (together with the company, the "Issuers") announced the closing of its previously announced issuance of $425 million in aggregate principal amount Second Priority Senior Secured Notes due 2019 in an offering that is exempt from the registration requirements of the Securities Act of 1933, as amended. The Notes are guaranteed by certain domestic subsidiaries of the company. The Notes and the guarantees are secured by second priority liens, subject to certain exceptions, on certain of the company's and guarantors' existing and future assets, and are junior to the company's new revolving loan facility with respect to such collateral. The Issuers used a portion of the net proceeds from the offering of the Notes to purchase in a tender offer $209,808,000, or approximately 54.5%, of their outstanding 13% Senior Secured Notes due 2015 that were tendered by holders of the 2015 Notes prior to the consent payment deadline of 5:00 p.m., New York City time, on March 10, 2014. The Issuers issued a notice of redemption to holders of the remaining $175,192,000 in outstanding principal amount of 2015 Notes in order to redeem the remaining outstanding 2015 Notes in accordance with the indenture governing the 2015 Notes (the "Indenture"). The Issuers also used a portion of the net proceeds from the offering of the Notes to repay amounts outstanding under their existing revolving loan facility and to pay related fees and expenses, and intend to use the remaining approximately $37.6 million of net proceeds for property renovation and general corporate purposes. The Issuers also entered into a new $20.0 million revolving loan facility with Comerica Bank, which is currently unfunded. Concurrently with the closing of the offering of the Notes, the company's owner contributed $50 million to the company, approximately $25 million of which constituted the purchase price for the company's sale of certain parking garages and parking lots and approximately $25 million of which was in the form of an equity contribution.

Greektown Holdings, L.L.C. Announces Tender Offer for 13% Senior Secured Notes Due 2015

Greektown Holdings, L.L.C. announced that it has launched a cash tender offer to purchase any and all of the outstanding $385 million in aggregate principal amount of 13% Senior Secured Notes due 2015 issued by the Company and Greektown Mothership Corporation (together with the company, the "Issuers"). In connection with the tender offer, the company is also soliciting consents from holders of the Notes to certain amendments to the indenture to, among other things, eliminate substantially all of the restrictive covenants contained therein and release the collateral securing the Notes. Each holder who validly tenders and does not validly withdraw its Notes and delivers its Consents to the proposed amendments prior to 5:00 p.m., New York City time, on March 10, 2014, unless such time is extended by the company (the "Consent Payment Deadline"), will receive, if such Notes are accepted for purchase pursuant to the tender offer, the total consideration of $104,375.00 per $100,000 principal amount of the Notes tendered, which includes $101,375.00 as the tender offer consideration and $3,000.00 as a consent payment. In addition, accrued interest up to, but not including, the applicable payment date of the Notes will be paid in cash on all validly tendered and accepted Notes. The tender offer is scheduled to expire at 11:59 PM, New York City time, on March 24, 2014, unless extended. Holders who validly tender and do not validly withdraw their Notes after the Consent Payment Deadline but on or prior to the Expiration Date will receive, if such Notes are accepted for purchase pursuant to the tender offer, the tender offer consideration of $101,375.00 per $100,000 principal amount of the Notes, plus any accrued and unpaid interest on the Notes up to, but not including, the payment date, but will not receive the consent payment. In connection with the tender offer, the company is soliciting consents to amend the indenture pursuant to which the Notes were issued to, among other things, eliminate substantially all of the restrictive covenants, certain events of default and certain other provisions contained in that indenture, and release the collateral securing the Notes. Tendered Notes may be withdrawn at any time prior to the Consent Payment Deadline but not thereafter, except to the extent that the company is required by law to provide additional withdrawal rights. Holders who validly tender their Notes after the Consent Payment Deadline will receive only the tender offer consideration if such Notes are accepted for purchase pursuant to the tender offer and will not be entitled to receive a consent payment. Subject to the terms and conditions described below, payment of the total consideration or tender offer consideration, as applicable, will occur promptly following the initial date upon which tendered Notes are accepted for payment (expected to occur on or about March 14, 2014) or the Expiration Date, as applicable.

Greektown Superholdings Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013

Greektown Superholdings Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. Net revenues for the three months ended December 31, 2013 were $71.5 million compared to $76.9 million for the same quarter of 2012, a decrease of 7.1%. Net loss for the quarter was $9.7 million compared to $9.5 million a year ago, inclusive of $36.4 million of fourth quarter 2013 income resulting from the reversal of the company's deferred tax liability associated with the previously-announced restructuring, and the resulting $42.1 million impairment of the company's goodwill. Adjusted EBITDA decreased to $12.4 million in the fourth quarter of 2013 from $15.3 million in the same quarter of 2012, exclusive of the $42.1 million goodwill impairment during the fourth quarter of 2013. EBITDA was $11,986,000 against $14,723,000 a year ago. For the year ended December 31, 2013, the company generated net revenues of $305.8 million, net loss of $30.9 million and Adjusted EBITDA of $56.0 million, compared to net revenues of $331.7 million, net loss of $23.8 million and Adjusted EBITDA of $75.9 million for the year ended December 31, 2012. Net cash provided by operating activities was $3,020,000 against $24,096,000 a year ago. Capital expenditures were $1,788,000 against $40,300,000. EBITDA was $37,428,000 against $74,150,000 a year ago.

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