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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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): February 23, 1999
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.
On February 24, 1999, Santa Fe Gaming Corporation, a Nevada corporation
(the "Company"), issued a press release announcing that on February 23, 1999,
its subsidiary Pioneer Finance Corp. filed for relief under Chapter 11 of the
United States Bankruptcy Code with the Bankruptcy Court for the District of
Nevada.
A copy of the press release dated February 24, 1999 issued by the Company
is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated
herein by reference.
ITEM 7. EXHIBITS.
The following exhibit is filed with this Current Report on Form 8-K.
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<CAPTION>
EXHIBIT NO. DESCRIPTION
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<S> <C>
99.1 Press Release of Santa Fe Gaming Corporation dated February 24,
1999.
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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: February 25, 1999 By: /s/ Thomas K. Land
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Thomas K. Land
Senior Vice President and
Chief Financial Officer
3
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SANTA FE GAMING CORPORATION
4949 NO. RANCHO DR.
LAS VEGAS, NV 89130
FOR IMMEDIATE RELEASE:
February 24, 1999
SANTA FE GAMING CORPORATION ANNOUNCES FILING BY PIONEER FINANCE
CORP FOR RELIEF UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
LAS VEGAS, NEV. - Santa Fe Gaming Corporation ("SFGC") (AMEX:SGM), a diversified
gaming company headquartered in Las Vegas, announced today that on February 23,
1999 its subsidiary, Pioneer Finance Corp., filed for relief under Chapter 11 of
the United States Bankruptcy Code with the Bankruptcy Court for District of
Nevada. The filing was made pursuant to the terms of Pioneer Finance Corp.'s
previously announced consent solicitation related to Pioneer Finance Corp.'s
13-1/2% First Mortgage Bonds. In the consent solicitation, Pioneer Finance
Corp. agreed to file for relief under Chapter 11 and seek confirmation of a plan
of reorganization in which the bonds were treated in the manner described in the
consent solicitation materials, and holders of approximately 75% of the
outstanding bonds agreed to forbear from exercising remedies upon the failure to
pay the bonds at the December 1, 1998 maturity and to vote in favor of such a
plan. On January 14, 1999, three holders of the bonds who had not provided
consents in the consent solicitation filed involuntary bankruptcy petitions with
respect to both Pioneer Finance Corp. and Santa Fe Gaming, which has guaranteed
the bonds. Santa Fe Gaming believes that creditors who filed the involuntary
petition did not comply with the Bankruptcy Code requirements for making such a
filing, and has filed a motion to dismiss the petition.
Management believes the voluntary petition filed by PFC and the involuntary
petition against the Company will not affect day to day operations of the
Pioneer Hotel & Gambling Hall, Laughlin, Nevada or at the Company's Santa Fe
Hotel & Casino in Northwest Las Vegas. This press release contains
forward-looking statements which are subject to change. The actual results may
differ materially from those described in any forward-looking statements.
Additional information concerning potential factors that could affect the
Company's financial results are included in the Company's Form 10-K as amended
for the year ended September 30, 1998.
Santa Fe Gaming Corporation owns and operates the Santa Fe Hotel and Casino in
northwest Las Vegas and the Pioneer Hotel & Gambling Hall in Laughlin, Nevada.
In addition, the Company holds several real estate parcels for future
development within or in the area surrounding Las Vegas, Nevada.
CONTACT: Thomas K. Land
Chief Financial Officer
Santa Fe Gaming Corporation
702-658-4340
