The drama surrounding the financially troubled City Center project has thickened, with a major investor interested in the $8.7 billion project and MGM Mirage disclosing a contingency plan should City Center seek bankruptcy protection.
In a regulatory filing today, MGM Mirage said its bank lenders have allowed the company to earmark up to $20 million for expenses "necessary to ensure public health, safety and welfare or regulatory compliance in connection with City Center Holdings."
A source close to MGM Mirage, who declined to be identified, said the safety fund isn't an indication that a bankruptcy filing is imminent for CityCenter. However, the source said the fund would allow for a pause in construction should the CityCenter partnership need to seek bankruptcy protection. Read The Full Article Here
