Premier Entertainment Biloxi granted interim use of $26.1 million of cash collateral for construction

By Caroline Salls

Pittsburgh, Oct. 11 - Premier Entertainment Biloxi LLC obtained interim court approval to use $26.1 million of its cash collateral to fund ongoing construction and operations under the company's 13-week budget, according to an 8-K filing with the Securities and Exchange Commission.

Under the interim order, the indenture trustee for the company's 10¾% first-mortgage notes due 2012, some objecting bondholders and the U.S. Trustee will have access to Premier's financial records to monitor its compliance with the order.

Premier, a Biloxi, Miss., resort operator, filed for bankruptcy on Sept. 19 in the U.S. Bankruptcy Court for the Southern District of Mississippi. Its Chapter 11 case number is 06-50975.

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