The Chukchansi Economic Development Authority (CEDA) is a wholly-owned enterprise of the Picayune Rancheria of Chukchansi Indians, a federally-recognized Indian tribe based in Oakhurst, California. The parties have agreed to initiate a Trust Instruction Proceeding in probate court to obtain an order approving the settlement.ĬEDA's obligations in relation to CEDA's 9 ¾% senior notes due 2020 will be satisfied through a pro rata exchange of all outstanding amounts of existing notes for new 8% senior secured notes due seven years from the date of the exchange, in an amount to be determined upon the closing date of the exchange, not to exceed an aggregate principal amount of $193,000,000 and $30,000,000 cash, or, if a new term loan facility is not entered into on the closing date, new senior secured notes due six years from the closing date bearing interest at LIBOR plus 4%.Ĭhukchansi Economic Development Authority Chukchansi Economic Development Authority, et al. (New York Supreme Court Index No. Pursuant to the settlement, the parties will dismiss the lawsuit filed against CEDA styled Wells Fargo Bank, N.A., as Trustee and Collateral Agent v. Based upon the combined recent sweep payments, the aggregate principal amount of new CEDA debt will be reduced by approximately $43.9 million.
As with the earlier payment, this additional payment was applied against accrued and unpaid interest on the Notes. On October 5, CEDA made the additional payment of $7,318,072 to the Trustee. The parties amended the settlement agreement to permit CEDA to remit these additional funds to the Trustee and to treat this additional payment in the same manner as the September 30 payment. Subsequently, CEDA determined that additional funds became available on October 1, which funds the parties had intended to be included in the payment on September 30. This payment was applied against accrued and unpaid interest on the Notes. Pursuant to the original agreement, on September 30, CEDA made a payment to the Trustee administering CEDA's Notes in the amount of $40,874,931.
The settlement will reduce CEDA's debt, inclusive of accrued and unpaid interest, by at least $168 million. 7, 2020 /PRNewswire/ - The Chukchansi Economic Development Authority (CEDA), operator of the Chukchansi Gold Resort & Casino, has entered into an amendment to its recent agreement to settle litigation and restructure CEDA's debt.
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