Chukchansi pays $1.5 million toward interest due to casino bondholders

By Caroline Salls

Pittsburgh, Nov. 15 - The Chukchansi Tribal Council and the Chukchansi Economic Development Authority (CEDA) made a $1.5 million interest payment to casino bondholders on Friday, keeping the tribe in compliance with a payment plan submitted to Wells Fargo Bank, NA, according to a news release.

Wells Fargo is the trustee for Chukchansi's 9¾% secured notes due 2020.

"We continue to do what we need to do to pay bills and keep open the Chukchansi Gold Resort & Casino," chairman Nancy Ayala said in the release.

The Nov. 15 payment brings the total amount paid toward a Sept. 30 interest payment to $9.7 million of the $12.49 million due. Chukchansi said the $2.8 million balance of the interest due is expected to be paid from a CEDA bank account that is currently frozen.

Once these funds are released to bondholders, CEDA will have completed its obligations under the repayment plan submitted to the Trustee, Ayala said.

The casino is located near Coarsegold, Calif.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.