OpBiz amends, waiving covenant violations, default of renovation capital expenditures requirement

By Sara Rosenberg

New York, Nov. 1 - OpBiz LLC amended its credit facility, waiving certain reporting covenant violations and the alleged default that occurred as a result of the company's failure to make a prepayment required because it did not spend at least $72 million on renovation capital expenditures by Aug. 31, according to an 8-K filed with the Securities and Exchange Commission Wednesday.

The terms of the renovation capital expenditures have been amended to provide that the company has to spend at least $81 million by April 30, 2007 and an additional $9 million by Aug. 31, 2007.

The amendment was completed on Oct. 23.

The Bank of New York is the administrative on the deal.

OpBiz is a Reno, Nev.-based casino operator.

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