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Foxwoods Announces Creditor Backing on Debt

MASHANTUCKET, Conn. (AP) — The parent company of Foxwoods Resort Casino says creditors have signed on to its plan to restructure $2.2 billion in debt.

Mashantucket Pequot Tribal Nation said Monday that holders of most of the debt among three classes of securities have executed a so-called restructuring support agreement related to the debt.

The Mashantucket Pequots announced Aug. 2 it reached agreement to restructure the debt, resolving a financial crisis at the largest casino in North America.

The tribe said most holders of special revenue obligation bonds, subordinated special revenue obligation bonds and 8.5 percent notes have executed the restructuring agreement.

Foxwoods and other Indian and some commercial casinos had borrowed to finance expansion plans and were caught short when business fell at the start of the recession in 2007.