Latham & Watkins Advises Ad Hoc Bondholders in Chukchansi Economic Development Authority’s Debt Restructuring

Significant restructuring results in significant cash distribution to noteholders.

May 24, 2021

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.

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