Hudson: Grand Soleil will acquire needed financing

Published 11:15 pm Tuesday, February 24, 2009

NATCHEZ — With four days until foreclosure, Grand Soleil officials are still lining up the proper funding.

Attorney Kent Hudson said he was still confident capital investors would be in place by Friday.

“We’ve got about four or five different options rolling right now,” Hudson said. “We are just trying to get everybody in the right position. One of them is going to work, we feel.”

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Britton & Koontz Bank started publishing a foreclosure notice in early February naming three tracts of land purchased by Big River Enterprises, LLC, the developing partner of Grand Soleil Casino Resort in Natchez.

The hotel has a $3.7 million short-term loan with B&K that is not being renewed, Hudson said.

The named tracts include the Grand Soleil hotel, but not the land slated for the casino, Hudson said.

The foreclosure sale is set for the hours of 11 a.m. to 4 p.m. Friday at the Adams County Courthouse.

Hudson said early Tuesday afternoon that he was hopeful the needed financial backing would be in place by today.

“This is the way these things always go,” he said. “In any kind of business deal you have to almost take it to the wire to see where everyone is going to be seated. Everyone wants to get up and change chairs.”

Last week, three local contractors filed liens on the Grand Soleil, totaling more than $1.6 million.