Buffalo Thunder 9 3/8% notes trustee forced to skip Dec. 15 payments

By Caroline Salls

Pittsburgh, Dec. 15 - The trustee for the Buffalo Thunder Development Authority's $245 million of 9 3/8% senior secured notes due 2014 said there would be no distribution of interest or principal due on the notes on Dec. 15.

Buffalo Thunder is a special-purpose vehicle of the Pueblo of Pojoaque, N.M.

Trustee Wells Fargo Bank, NA said Buffalo Thunder failed to deposit any funds for debt service on the notes, so there were no funds available to make the Dec. 15 payment.

The trustee is working with a committee of noteholders to determine the appropriate response to Buffalo Thunder's failure to pay, according to a notice to noteholders from Wells Fargo.

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