The latest news on River Rock:

http://www.pressdemocrat.com/article/20111114/BUSINESS/11111...

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.