Hotels, Restaurants and Leisure
Company Overview of Greektown Holdings, LLC
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
Founded in 2005
Key Executives for Greektown Holdings, LLC
Senior Director of Finance and Assistant Treasurer
Vice President of Services
Compensation as of Fiscal Year 2013.
Greektown Holdings, LLC Key Developments
Greektown Holdings, L.L.C. Announces Tender Offer for 13% Senior Secured Notes Due 2015
Feb 25 14
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
Feb 14 14
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.
Greektown Superholdings Inc. Files Certificate of Amendment to its Restated Certificate of Incorporation
Dec 26 13
On December 19, 2013, Greektown Superholdings Inc. filed a Certificate of Amendment to its Restated Certificate of Incorporation, with the Secretary of State of the State of Delaware, to effect a 1-for-104,501 reverse stock split of the company's Series A-1 Common Stock. The Certificate of Amendment became effective on December 19, 2013.
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