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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 earliest event reported: March 7, 2000
PRESIDENT CASINOS, INC.
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(Exact name of registrant as specified in its charter)
Delaware 0-20840 51-0341200
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(State or other (Commission File (I.R.S. Employer
jurisdiction of Number) Identification
organization) Number)
802 North First Street, St. Louis, Missouri 63102
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(Address of principal executive offices) (Zip code)
(314) 622-3000
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(Registrant's telephone number, including area code)
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Item 5. Other Events.
On March 7, 2000, President Casinos, Inc. (the "Company") announced that on
March 15, 2000, the Company will have outstanding $75,000,000 of 13% Senior
Notes due September 15, 2001 and $25,000,000 of 12% Secured Notes due
September 15, 2001.
The Company believes it will not be able to meet its obligation to pay the
then due and owing interest with respect to the $75,000,000 notes and the
$25,000,000 notes. This event constitutes a default under the indentures
pursuant to which the notes are secured. If this default continues for thirty
days there will be an Event of Default, as defined in the respective
indentures, entitling the note holders and the trustee to exercise their
remedies under the indentures. The Company believes it will be unable to make
the required payments within the thirty-day grace period. The amount of
arrearage with respect to the securities issued under indentures is $4,875,000
and $1,500,000, respectively.
Item 7. Financial Statements and Exhibits.
(a) Financial statements of businesses acquired. Not applicable.
(b) Pro forma financial information. Not applicable.
(c) Exhibits. See Exhibit Index.
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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 thereunto duly authorized.
Dated: March 7, 2000
PRESIDENT CASINOS, INC.
By: /s/ James A. Zweifel
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James A. Zweifel, Executive Vice President
and Chief Financial Officer
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EXHIBIT INDEX
Exhibit
Number Description
99.1 Press Release dated March 7, 2000.
EXHIBIT 99.1
PRESIDENT CASINOS TO MISS MARCH 15, 2000 INTEREST PAYMENTS
ST. LOUIS, MISSOURI, March 7, 2000 -- President Casinos, Inc. (OTC:PREZ)
announced today that it had filed with the Securities and Exchange Commission
a report on Form 8-K reporting that the Company will be unable to make the
interest payments due March 15, 2000 on outstanding debt. The debt consists
of $75,000,000 of 13% Senior Notes due September 15, 2001 and $25,000,000 of
12% Secured Notes due September 15, 2001.
With respect to the $75,000,000 and $25,000,000 obligations, the indebtedness
will not be in default under the indentures pursuant to which it was issued
until thirty days have passed. The Company currently does not anticipate
being able to meet the debt service within the thirty days. With respect to
other outstanding obligations, a default on this debt may also be a default
under the other obligations.
The Company has been in negotiations with representatives of the holders of
its debt with respect to the ultimate repayment of the obligations. The
Company believes that the value of its properties and assets substantially
exceeds the amount of its debt. This value is the key factor in the Company's
program to resolve this matter with the bond holders. There are no assurances
that the Company will be successful in this program as the outcome depends
upon the cooperation and the willingness of the creditors to work with the
Company.
The Company's casinos are owned by subsidiaries of the Company who do not have
primary liability for the indebtedness above. Accordingly, this situation
will have no impact on the ongoing operation of its casinos. Casino patrons
will continue to receive the quality service they have been extended in the
past.
President Casinos, Inc. owns and operates riverboat and dockside gaming
facilities in Davenport, Iowa, Biloxi, Mississippi and downtown St. Louis,
Missouri near the base of the Gateway Arch.
