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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): December 1, 1998
SANTA FE GAMING CORPORATION
(Exact Name of Registrant as Specified in Charter)
NEVADA 1-9481 88-0304348
(State or Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
4949 NORTH RANCHO DRIVE
LAS VEGAS, NEVADA 89130
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (702) 658-4300
NONE
(Former Name or Former Address, if Changed Since Last Report)
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ITEM 5. OTHER EVENTS.
Pioneer Finance Corp. ("Pioneer"), a Nevada corporation and wholly owned
subsidiary of Santa Fe Gaming Corporation (the "Company"), did not make
principal or interest payments with respect to its $60.0 million principal
amount of 13-1/2% First Mortgage Bonds due December 1, 1998 (the "Pioneer
Notes"), on December 1, 1998, the maturity date of the Pioneer Notes. As
previously reported by the Company, Pioneer received and accepted consents
from holders of the Pioneer Notes representing approximately $45.8 million
principal amount, or 77% of the principal amount outstanding, to, among other
things, forbear until December 15, 2000 from exercising any rights and
remedies under the Pioneer Notes, the indenture which governs the Pioneer
Notes (the "Indenture"), the guaranty of the Pioneer Notes and the collateral
documents with respect to any failure by Pioneer to pay principal and
interest on the Pioneer Notes when due (the "Maturity Defaults") and any
other defaults under the Pioneer Notes, the Indenture, the guaranty or the
collateral documents arising as a direct consequence of the Maturity Defaults.
Pursuant to the terms of the consents, Pioneer has repurchased from
consenting noteholders an aggregate of approximately $5.0 million principal
amount of Pioneer Notes, together with accrued and unpaid interest thereon.
As a result, approximately $55.0 million principal amount of Pioneer Bonds is
now outstanding together with accrued and unpaid interest thereon of
approximately $3.7 million. Pioneer has agreed to file for relief under
Chapter 11 of the United States Bankruptcy Code to seek confirmation of a
plan to restructure the Pioneer Notes in accordance with the terms of the
Exchange Offer contained in Pioneer's Offering Circular and Consent
Solicitation Statement, dated October 23, 1998 (the "Offering Circular"), as
supplemented by the Supplement (the "Supplement") dated November 14, 1998 to
Offering Circular and Consent Solicitation Statement dated October 23, 1998.
The Company filed copies of the Offering Circular and the Supplement in its
Current Reports on Form 8-K dated October 23, 1998 and November 16, 1998,
respectively.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SANTA FE GAMING CORPORATION
Date: December 8, 1998 By: /s/ Thomas K. Land
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Thomas K. Land
Senior Vice President and
Chief Financial Officer
