Mohegan gets waiver from bank group after 'going concern' opinion

By Jennifer Chiou

New York, Dec. 30 - Mohegan Tribal Gaming Authority chief executive officer Mitchell Grossinger Etess said that the authority has obtained a waiver from its bank group addressing the "going concern" opinion issued by auditors in connection with Mohegan's 2011 financial statements, according to a filing with the Securities and Exchange Commission.

Etess said: "We are also pleased with the progress made in recent weeks toward finalizing our refinancing plan [...] though we were not able to complete the plan during our first quarter of fiscal 2012.

The Uncasville, Conn., operator of gaming and entertainment enterprises has a scheduled conference set for Jan. 4.

During Mohegan's fourth fiscal quarter ended Sept. 30, it tallied net income of $46.7 million, compared to $26.3 million in the fourth quarter of fiscal 2010.

The authority's total debt, including capital leases, was about $1.64 billion as of Sept. 30.

As of the same date, $811.1 million of Mohegan's debt matures within the next 12 months, including $535.0 million outstanding under its bank credit facility, which matures on March 9, 2012, and the authority's $250 million of 8% senior subordinated notes due April 1, 2012.

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