No. of Recommendations: 0
The latest news on River Rock:

Basically, revenues are up in the latest quarter which should help with the refinancing of their overdue debt although revenue thus far this year is down from 2010.

As to what bondholders can expect:

In a filing with U.S. securities regulators, River Rock said it will ask investors to exchange their old notes paying 9.75 percent interest for $200 million in new debt at 9 percent interest. The new notes would mature in 2018. The casino expects to offer a share exchange agreement by Nov. 18 and finish the deal in December, it said.

It's certainly annoying to have our coupon cut back to 9%, though that's still a high yield. Also, having the maturity date extended to 2018 is also worrisome, particularly with a troubled issue. All that said, this plan is certainly better than the uncertainties of default.
Print the post  


What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.