Grand Soleil faces foreclosure again

Published 12:00 am Tuesday, February 2, 2010

NATCHEZ — Britton & Koontz Bank has again initiated foreclosure proceedings against Grand Soleil Casino Resort.

B&K has scheduled the sale between 11 a.m. and 4 p.m. Feb. 18 at the Adams County Courthouse, according to a legal advertisement published in The Democrat.

This marks the third time B&K has initiated foreclosure proceedings against Grand Soleil. B&K last scheduled a sale Dec. 23, but an agreement was reached to stop proceedings, Grand Soleil attorney Kent Hudson said Monday.

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A deal struck between Grand Soleil and B&K kept the bank from moving forward on foreclosure of three tracts of land last February.

Also at that time, three Natchez companies — Good Hope Construction, Farmer Electrical Service Co., and JM Digital Corp. — filed liens totaling more than $1.6 million as a means of protection should Grand Soleil go into foreclosure.

Grand Soleil recently evaded foreclosure proceedings initiated by United Mississippi Bank in December.

Grand Soleil has admitted difficulties in finding the needed resources to move forward with the development, but Hudson said the casino will continue to work with the banks to find a solution.

“There’s always negotiations going on with the banks and that will continue,” Hudson said.