Premier Entertainment Biloxi, indenture trustee agree to extend interim cash collateral use to Jan. 20

By Caroline Salls

Pittsburgh, Dec. 5 - Premier Entertainment Biloxi LLC entered a stipulation with indenture trustee U.S. Bank, NA that extends the company's interim cash collateral use order to Jan. 20 from Dec. 17, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of Mississippi.

The court grated Premier approval to use $26.1 million of its cash collateral on an interim basis on Oct. 10 to fund ongoing construction and operations under a 13-week budget.

U.S. Bank is the indenture trustee for Premier's $160 million of 10¾% first-mortgage notes due 2012 and is the holder of the company's Hurricane Katrina insurance proceeds, which are being used as the cash collateral.

Premier, a Biloxi, Miss., resort operator, filed for bankruptcy on Sept. 19. Its Chapter 11 case number is 06-50975.

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