Here is the press release: LTBBOI Press Release Financial Restructure
An excerpt:
The Little Traverse Bay Bands of Odawa Indians (“LTBBOI”) is pleased to announce the completion of a financial restructuring with its bondholders. An exchange offer to holders of its $122 million 10.25% Senior Notes due 2014, which was launched October 26, 2010, has closed and is effective today.The transaction will result in the exchange of $143 million of existing Senior Notes and related unpaid accrued interest, for $23 million of cash and $40 million of new 9.0% Senior Secured Notes due 2020.
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