A bankruptcy judge in Philadelphia approved the liquidation plan of the partnership behind the failed Foxwoods Casino project in South Philadelphia.
The confirmation order was entered Tuesday, though U.S. Bankruptcy Judge Magdeline D. Coleman signed it on Monday.
The Foxwoods group, formally known and Philadelphia Entertainment & Development Partners L.P., has huge debts, including $55 million or more owed to RBS Citizens for a loan on land that has since been sold. Additional unsecured debt amounts to nearly $24 million, according to court documents.
The only significant asset Foxwoods has is a claim - the subject of a related lawsuit - that Pennsylvania should return the $50 million license fee it paid in 2007.
The largest unsecured creditor is the law firm, Cozen O'Connor, which is owed $6.5 million, according to bankruptcy filing. Cozen is leading the charge to recoup the $50 million from the state.
- Harold Brubaker