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Chukchansi Gold Resort & Casino enters into restructuring support agreement16 December 2011COARSEGOLD, California -- (PRESS RELEASE) -- The Chukchansi Economic Development Authority ("CEDA" or the "Authority"), operator of the Chukchansi Gold Resort and Casino (the "Resort") in Coarsegold, California, announced today that, it has reached a restructuring support agreement (the "Restructuring Support Agreement") with a group of bondholders (the "Bondholder Group") representing over 60% of CEDA's 8% Senior Notes due 2013 and Floating Rate Senior Notes due 2012 (collectively, the "Notes") pursuant to which the obligations of the Authority under the Notes are contemplated to be restructured. Reggie Lewis, Chairman of the Tribal Council of the Picayune Rancheria of the Chukchansi Indians, commented: "We are very pleased to be partnering with the Bondholder Group to enable us to achieve a long-term capital structure solution. We believe this restructuring, if completed, will help pave the way for our continued success and growth." As previously announced, on November 15, 2011, the Authority did not make a scheduled payment of interest on the Notes. In connection with entering into the Restructuring Support Agreement, on December 15, 2011, the Authority made the payment of interest that was due on November 15, 2011, together with interest on the missed payment. Chukchansi Economic Development Authority The Authority is a wholly-owned unincorporated enterprise of the Picayune Rancheria of the Chukchansi Indians, a federally recognized Indian tribe (the "Tribe"). The Tribe has approximately 1,100 enrolled members and operates the Resort on an approximately 48.5-acre property near Coarsegold, California. |