Management ChangeMay 7, 2026, 04:22 PM
Century Casinos Appoints Mitchell Etess as Independent Director
AI Summary
Century Casinos, Inc. announced the appointment of Mitchell Etess as a new independent director, increasing the Board's size from five to six members. Mr. Etess's term is effective immediately and extends through the 2026 Annual Meeting. His compensation will include an annual cash retainer of $40,000 and an annual equity award of $10,000. This appointment is part of a nomination and standstill agreement with Brigade Capital Management, LP, which includes a nine-month standstill period and a potential tender of up to $50 million in term loans by Brigade under certain conditions.
Key Highlights
- Board of Directors expanded from five to six members.
- Mitchell Etess appointed as a new independent director, effective immediately.
- Mr. Etess's term extends through the 2026 Annual Meeting of Stockholders.
- Compensation includes an annual cash retainer of $40,000 and an annual equity award of $10,000.
- Appointment is pursuant to a nomination and standstill agreement with Brigade Capital Management, LP.
- Brigade Capital Management agreed to a nine-month standstill period, limiting influence on the Company.
- A Side Letter Agreement allows Brigade to tender up to $50 million in term loans at a discount if an auction is conducted.