Santa Ysabel Band defends bankruptcy protection for casino

The Santa Ysabel Band of Mission Indians in California is defending its decision to seek bankruptcy protection for its casino.

The tribe says the Santa Ysabel Casino qualifies for bankruptcy as an unincorporated company. The claim comes in response to a motion by the Yavapai-Apache Nation of Arizona, one of Santa Ysabel's creditors, and another by the U.S. Trustee disputing the casino's eligibility.

The casino listed assets of $1.5 million and debt totaling $54.8 million, Bloomberg News reported. Most of the money is owed to the Yavapai-Apache Nation.

Turtle Talk has posted documents from the case, In Re: Santa Ysabel Resort and Casino.

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Updates: Santa Ysabel Indian casino argues for Chapter 11 eligibility [see fourth item] (Bloomberg News 8/22)

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