Grand Soleil facing foreclosure again
Published 12:00 am Friday, August 28, 2009
NATCHEZ — United Mississippi Bank has initiated the foreclosure process against Grand Soleil Casino Resort.
While Grand Soleil officials could not be reached for comment, casino attorney Kent Hudson said he believes the company will have sufficient financing in place to halt the scheduled Sept. 17 foreclosure sale.
“(Financing) should fall in place well before that time,” Hudson said.
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Hudson said casino officials have been engaged in a “very intense process,” to locate funding to keep the hotel and Briars property out of bankruptcy.
“It’s been extremely difficult,” Hudson said. “They’re working at it constantly.”
Hudson said while Grand Soleil officials were not pleased to learn of UMB’s decision to move forward on the foreclosure sale, they understand the bank’s reasoning.
“(UMB) understands what we’re dealing with,” Hudson said. “But this is what they feel they need to do.”
UMB Senior Lender Mike Ellard said bank officials are sympathetic to Grand Soleil’s financial situation.
“We’re all hopeful they can pull together some financing,” Ellard said. “But it’s gotten to a point where we have to follow through. A bank has to be prudent with its depositors money.”
Neither Ellard nor Hudson would discuss specifically how much Grand Soleil owes UMB.
And this threat of foreclosure is not the first for Grand Soleil.
In February casino officials reached a confidential agreement with Britton & Koontz Bank that stopped Britton and Koontz’s foreclosure proceedings.