1.16.09Investors Push Bank On MotorCity
Investors are pushing back on a Deutsche Bank-led amendment for Detroit, Mich.-based MotorCity Casino because they want an equity injection from the company's sponsor, CCM Merger, Inc., which is owned by Marian Ilitch.
Calls to a MotorCity spokeswoman and Scott Fischer, CFO of Ilitch Holdings, the parent company of CCM, were not returned.
The opposition comes despite a price increase and the addition of a LIBOR floor. The amendment launched last Tuesday. MotorCity is looking to loosen its leverage covenant to 8 times. At the end of the third quarter, the company reported leverage of 6 times EBITDA. ...
(See: Credit Investment News)
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