Posted Apr 21, 2012, 1:51 AM
|
 |
|
|
Join Date: Feb 2010
Posts: 6,895
|
|
Funding dispute threatens future of River Cree Casino
http://www.cbc.ca/news/canada/edmonton/story/2012/04/20/edmonton-river-cree-bankruptcy-verge.html
Quote:
The River Cree Casino is on the verge of bankruptcy and is scrambling to find alternate financing to keep operating because of a funding dispute with the province, CBC News has learned.
Court documents show the casino, owned in part by the Enoch Cree band, has defaulted on a $111-million-dollar loan. The documents say the casino does not have enough money to continue operating.
“As the loans were not repaid, (the casino) is faced with a potential filing under one or more of the Bankruptcy and Insolvency Act or the Companies’ Creditors Arrangement Act and finds itself in the current situation due to Alberta’s refusal to date” to approve the release of funds.
The casino is operated by Paragon Gaming on behalf of the Enoch Cree First Nation.
|
|
Threaded Mode