Windsor Woodmont Black Hawk to delay coupons, considering restructuring

New York, Sept. 13 - Windsor Woodmont Black Hawk Resort Corp. said it is delaying the coupon payments due Sept. 15 on its $100 million 13% first mortgage notes due 2005 and its $7.5 million principal amount 15.5% second mortgage notes due 2010.

The Black Hawk, Colo. company added in a filing with the Securities and Exchange Commission that it is currently reviewing "potential restructuring and strategic options."

Windsor Woodmont said it intends to begin discussions with holders of the two series of notes to discuss restructuring options and alternatives.

The company also noted that it has a 30-day grace period before the failure to make the interest payment becomes a default.

"The Corporation believes that pending a restructuring of the Notes and Second Mortgage Notes, it is in its best interest to not make the interest payments," Windsor Woodmont added.

The company has hired Irell & Manella LLP as legal counsel and Alvarez & Marsal, Inc. as financial advisor the potential restructuring and strategic options.

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