Nevada Gold & Casinos credit facility interest payment deferral extended to Jan. 31

By Caroline Salls

Pittsburgh, Dec. 21 - Nevada Gold & Casinos, Inc. and its senior lenders agreed to an amendment to the company's credit facility that defers Nevada Gold & Casinos' interest payments until the earlier of Jan. 31 or three days after it receives the funds from the sale of Restaurant Connections International, Inc., according to an 8-K filed with the Securities and Exchange Commission.

The interest payments due Sept. 30, Oct. 31 and Nov. 30 were previously due on the earlier of Dec. 31 or upon the company's receipt of the sale funds.

The company said it originally expected the sale to close by Dec. 31, but now it has been told the sale is expected to close in late January.

Nevada Gold is expected to receive $3.6 million in sale proceeds in connection with its 34% interest in Restaurant Connections.

According to the 8-K, the company has also entered into an agreement to sell its 43% interest in Isle of Capri-Black Hawk, LLC to Isle of Capri Casinos for $64.6 million.

A special shareholder meeting to consider the Black Hawk sale is scheduled for Jan. 22.

If necessary, Nevada Gold said a portion of the proceeds from the Black Hawk sale would also be available to meet the credit facility interest payment obligations.

The company is a Houston-based gaming and gold mining company.

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