Effects of global recession show signs of recovery

The impact of the economic recession has shown signs of alleviation this week as many US casinos begin the slow path to recovery. The Greektown Casino is among many businesses hoping to emerge from the effects of the crunch and is scheduled for revival by June hard hit by the effects of the global recession, the company was forced to file for bankruptcy earlier in the year and has been cited among the major victims of the global economic crisis.

This week proved hopeful with Creditors finally signing off on a deal which will pave the way for talks regarding the development of the casino. Plans will now see bondholders receive 6% in common stock in addition to 4185 million in preferred stock. This new figure is equal to the sum owed to bondholders. The remaining 94% of the company will be under the ownership of other corporations which include such names as MFC Global Investment management LLC, Oppenheimer Funds INC, Brigade Capital Management and Sola Ltd.

Expert, Chuck Moore, said that the negotiations marked an important step in what has been a difficult and "very lengthy process" for the casino and its management. "All parties", he noted, "are aiming toward the same goal, which is to speed the casino's exit from bankruptcy". As more and more casinos do their best to recover from the effects of the crisis, casino operators will no doubt be looking to the progress of the Greektown Casino for signs of encouragement. Meanwhile, businesses across the world will be holding their breaths in the hope of a more fruitful 2025 to come.