The Chukchansi Economic Development Authority (CEDA), operator of the Chukchansi Gold Resort & Casino, announced the completion of a consensual debt restructuring with its existing creditors and completion of a new Credit Agreement with Western Alliance Bank setting the course for increased economic independence for the Tribe. The settlement, as agreed to by a majority of stakeholders, resulted in a material cash paydown for noteholders after an extended period of non-payment. The cash paydown, combined with a major reduction in CEDA’s overall debt, will allow for the continued positive momentum for CEDA following its successful reopening of the Chukchansi Gold Resort & Casino following its closure due to the COVID-19 pandemic.
Latham & Watkins LLP represented a group of Ad Hoc Bondholders in the transactions with a restructuring team led by New York partner David Hammerman. Advice was also provided on capital markets matters by New York partner Andrew Baker, with Houston associate Monica White; on finance matters by San Diego partner Jamie Mann, with San Diego associate Melanie Hess; and on litigation matters by New York partner Robert Malionek, with New York associates Sean McMahon and Andrej Novakovski.