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For Release: Immediate
Contact: Mark Romig (504) 581-7195, ext. 211
JCC HOLDING COMPANY FILES FOR REORGANIZATION
JCC Holding Company ("JCC") announced today that it filed a petition
for Chapter 11 reorganization in New Orleans in the Bankruptcy Court for the
Eastern District of Louisiana. This filing has been expected as a part of JCC's
attempts to reorganize the company's debt and capital structure in conjunction
with JCC's request for a reduction in the $100 million minimum annual payment to
the State of Louisiana and relief from certain operating restrictions. The
timing of this filing was the result of the need to conclude this reorganization
process prior to March 31, 2001 to meet certain obligations imposed by JCC's
casino operating contract with the State of Louisiana.
JCC's Harrah's New Orleans Casino remains open and will continue
operations during the bankruptcy proceedings. No disruptions in employment or
operations are expected during these proceedings unless the relief sought by JCC
is not obtained and a bankruptcy plan cannot be timely approved and consummated
by March 31, 2001.
Jazz Casino Company, LLC, a subsidiary of JCC Holding Company, has the
exclusive license to own and operate the only land-based casino in Orleans
Parish. Harrah's New Orleans Management Company, a subsidiary of Harrah's
Entertainment has the contract with Jazz Casino Company to manage the casino.
The casino directly employs approximately 3,000 people earning wages, benefits
and tips of over $100 million annually. The 100,000 square foot casino is
located at Canal Street at the Mississippi River in downtown New Orleans and is
adjacent to the French Quarter, the Aquarium of the Americas and the Ernest N.
Morial Convention Center.
Statements in this press release that are not historical fact,
including particular statements about JCC Holding Company and Harrah's New
Orleans Management Company efforts in connection with a plan to return the
company to financial stability are forward-looking statements made pursuant to
the safe harbor provision of the Private Securities Litigation Reform Act of
1995. Management cautions that the future performance of JCC Holding Company
involves certain risks and uncertainties, and that JCC Holding Company's actual
results could differ materially from those expressed in any of its
forward-looking statements as a result of certain factors including, without
limitation, JCC Holding Company's ability to identify and control variable
costs, successfully implement a financial restructuring plan, any regulatory
action and other factors that are contained in documents that JCC Holding
Company files with the U.S. Securities and Exchange Commission.
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