Premier
Entertainment to Buy Bond Debt
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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