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LACO > SEC Filings for LACO > Form 8-K on 22-Jul-2013All Recent SEC Filings

Show all filings for LAKES ENTERTAINMENT INC



Entry into a Material Definitive Agreement, Financial Statements and Exhi

Item 1.01. Entry into a Material Definitive Agreement.

On July 17, 2013, Lakes Entertainment, Inc. and its wholly owned subsidiary Lakes KAR - Shingle Springs, LLC (collectively, "Lakes") entered into a Debt Termination Agreement ("Agreement") with the Shingle Springs Band of Miwok Indians and the Shingle Springs Tribal Gaming Authority (collectively, "Tribe") relating to monies Lakes had previously advanced to the Tribe for the development of the Tribe's Red Hawk Casino located in Placerville, California. The Debt Termination Agreement requires certain conditions to be met, including a lump sum payment by the Tribe to Lakes of $57.1 million on or before December 31, 2013, subject to extension for 120 days. This payment will constitute full and final payment of all debt owed to Lakes as of the date the payment is made ("Payment Date"). Upon the Payment Date, the management agreement under which Lakes is managing the Tribe's Red Hawk Casino will terminate.

Until the Payment Date, Lakes will continue to manage the Red Hawk Casino and all existing agreements between the Tribe and Lakes will remain in effect. Until the Payment Date, the Tribe is required to make all payments that it has been making under the existing agreements. Additionally, if the Payment Date does not occur on or before December 31, 2013, the Tribe will be required to recommence making principal payments on the existing debt. If all of the conditions under the Debt Termination Agreement, including the $57.1 million debt payment, are not met, then all existing agreements between Lakes and the Tribe will remain in effect until their original expiration under their existing terms.

A copy of the press release and a copy of the Agreement are attached to this Form 8-K as Exhibit 10.1 and Exhibit 10.2, respectively.

Item 9.01. Financial Statements and Exhibits.

(a) Not Applicable

(b) Not Applicable

(c) Not Applicable

(d) Exhibits

10.1 Lakes Entertainment, Inc. Press Release dated July 18, 2013

10.2 Debt Termination Agreement by and between Lakes Entertainment, Inc., Lakes KAR - Shingle Springs, LLC, the Shingle Springs Band of Miwok Indians and the Shingle Springs Tribal Gaming Authority dated July 17, 2013.

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