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Partner Craig Barbarosh Quoted in Daily Journal on Uptick in Tribal Gaming Enterprises Experiencing Defaults

Firm News | July 29, 2013

Craig Barbarosh, a partner in the Insolvency and Restructuring practice, spoke with Daily Journal on the eligibility of Native American tribes to file for Chapter 11 protection. The general downturn in the gaming sector over the past several years has resulted in defaults by a number of tribal gaming enterprises, leading to the need for corporate overhauls. However, an Indian Gaming Regulatory Act requirement that a Native American gaming enterprise cannot be owned or controlled by third parties— including creditors—means creditors must address different legal constraints not present in restructurings in other industries. Craig says this poses a hurdle for creditors, as “the lender has to balance its need for basic credit protections with a concern that such protections taken together could result in an invalidation of the entire agreement.” (“Amid Falling Revenue, Tribal Casinos Struggle with Bankruptcy Eligibility,” July 25, 2013)

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