Chukchansi Tribal Council Statement: Acting Chair McDonald, Tribal Council Make $12.6 Million Bond Interest Payment Early

COARSEGOLD, Calif., March 24, 2014 /PRNewswire/ -- The Chukchansi Tribal Council and the Chukchansi Economic Development Authority (CEDA), headed by Acting Chairman Tex McDonald, today paid its casino bondholders a $12.6 million interest payment, said McDonald, to Wells Fargo Bank, National Association as Trustee (Trustee) of its 9 3/4% Secured Notes Due 2020. 

The $12.6 million payment – due on March 31, 2014 – was made in advance to reassure bondholders, partners and Tribe members that the Chukchansi Gold Resort & Casino continues to operate smoothly despite challenges made to the tribe's on-rancheria leadership by outside factions, said McDonald.

McDonald, elected as the Council's Vice Chairman in December 2013, has been the Tribe's Acting Chairman during the suspension of Chairwoman Nancy Ayala. He expressed satisfaction at making this $12.6 million payment. "The on-rancheria Council takes very seriously the obligations of our Tribe and the responsibilities that come with running daily operations," he said. "We continue to do what we need to do to pay our Tribe's bills and to keep the Chukchansi Gold Resort & Casino running smoothly."

Treasurer Vernon King and Secretary Lynda Appling echoed McDonald's satisfaction. "We have an obligation to our bondholders and to the Chukchansi people. Today, we met that obligation," they explained. "While rogue factions challenge the duly elected Tribal Council with frivolous lawsuits, we continue to conduct our business on behalf of the Chukchansi family and the more than 1,100 employees of the casino. We pay the Tribe's bills and provide all the necessary services to our Tribal members. Today's payment is more proof of that."

Contact:
Chukchansi Tribal Council
David Leibowitz
(602) 317-1414 or [email protected]

SOURCE Chukchansi Tribal Council