California tribal gaming entity amends debt restructuring agreement
Settlement will reduce casino operator’s debt by at least $168 million
The Chukchansi Economic Development Authority, operator of the Chukchansi Gold Resort & Casino in California, has entered into an amendment to its recent agreement to settle litigation and restructure its debt.
According to CEDA, the settlement will reduce its debt, inclusive of accrued and unpaid interest, by at least $168 million.
Under terms of the original agreement, on Sept. 30 CEDA made a payment of more than $40m to the Trustee administering CEDA’s notes to cover accrued and unpaid interest on the notes. Subsequently, CEDA determined that additional funds became available on Oct. 1. The parties amended the settlement agreement to permit CEDA to remit these additional funds.
On Oct. 5, CEDA made an additional payment of $7m, which also was applied against accrued and unpaid interest on the notes. With the two payments, the aggregate principal amount of new CEDA debt will be reduced by approximately $44m.
Pursuant to the settlement, the parties will dismiss the lawsuit filed against CEDA styled Wells Fargo Bank, N.A., as Trustee and Collateral Agent v. Chukchansi Economic Development Authority, et al.
The Chukchansi Economic Development Authority is a wholly owned enterprise of the Picayune Rancheria of Chukchansi Indians, a federally-recognized Indian tribe based in Oakhurst, California. CEDA owns and operates the Chukchansi Gold Resort & Casino in Coarsegold, California.
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