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Premier Entertainment to Buy Bond Debt

BILOXI, Mississippi – As reported by the Biloxi Sun Herald: "Premier Entertainment, the parent company of Hard Rock Biloxi which in October sued its banker for withholding funds in the wake of Hurricane Katrina, now wants to buy back its bond debt.

"The casino company intends this week to offer dollar-for-dollar cash for all its outstanding 10.75 percent first mortgage notes. The trustee for the notes, U.S. Bank National Association, has refused to release insurance money and other capital assets since Hurricane Katrina struck, according to a court complaint Premier Entertainment filed in October.

"The casino company is already asking a federal judge to order the bank to release the money.

"Premier Entertainment would use the money to pay debts owed to contractors and vendors and then start the rebuilding process…"

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