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November 12, 2009

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Brief: Culinary sets up anti-Santa Fe website

Thursday, Oct. 29, 1998 | 4:06 a.m.

The union is in a bitter dispute with Santa Fe over its efforts to organize the Santa Fe hotel-casino in Las Vegas.

Santa Fe on Monday said its Pioneer Finance Corp. subsidiary is unable to pay almost $65 million due Dec. 1 and is asking holders of $60 million of first-mortgage notes to exchange them for new notes payable later.

The union said Santa Fe has valuable assets that could be sold, with the proceeds partially satisfying Pioneer noteholders.

Culinary Research Director Courtney Alexander said Santa Fe's offer attempts "to box Pioneer noteholders into a lose-lose situation, when in fact, the rights and remedies available to noteholders give them the opportunity to restructure Santa Fe Gaming for their own benefit, instead of the controlling stockholder's."

"I believe there may be value in this company which is locked up by its complicated financial and debt structure and the Lowden family's management," Alexander said.

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