River Rock Entertainment trustee announces $2.64 million distribution

By Caroline Salls

Pittsburgh, Feb. 18 – The trustee for River Rock Entertainment Authority’s 9% series A senior notes due 2018 and 8% series B tax-exempt senior notes due 2018 will make a $2.64 million fifth interim distribution on Feb. 26, according to a notice from trustee UMB Bank, NA.

The distribution will be made to noteholders of record as of Feb. 22 from a parity-lien debt account.

Series A noteholders will receive $1.37 million under the fifth interim distribution, representing $18.905546 of interest paid per $1,000 principal amount outstanding, and series B noteholders will receive $1.27 million, representing $18.525967 of interest paid per $1,000 principal amount outstanding.

According to the notice, defaults have occurred on the senior notes as a result of the authority’s failure to make interest payments.

In February 2015, the trustee took exclusive control over the note documents.

Geyserville, Calif.-based River Rock Entertainment operates the River Rock Casino. It is a tribal governmental instrumentality of the Dry Creek Rancheria Band of Pomo Indians.

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