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Atlantic Coast noteholders demand payment; notes discharged with stock
By Caroline Salls
Pittsburgh, Sept. 12 - Atlantic Coast Entertainment Holdings, Inc. received a demand payment notice from the holders of a majority of the aggregate principal amount of its 3% notes due 2008, thus discharging the notes, according to an 8-K filing with the Securities and Exchange Commission.
Under the indenture, upon receipt of the demand payment notice, all outstanding 3% notes were discharged, and all principal and accrued interest was extinguished, and the holders have the right to receive 65.90909 shares of common stock of Atlantic for each $1,000 of principal amount of 3% notes.
No interest is due or will be paid on the 3% notes, the filing said.
According to the filing, affiliates of Carl C. Icahn, owners of $35.1 million of the 3% notes, have surrendered the notes for 2,314,990 shares of Atlantic common stock, representing 23.1% of the outstanding common stock.
Atlantic Coast is a wholly owned subsidiary of GB Holdings, Inc. GB Holdings has no operating activities. It filed for bankruptcy on Sept. 29, 2005 in the U.S. Bankruptcy Court for the District of New Jersey. Its Chapter 11 case number is 05-42736.
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