Restaurant operator Buffets Holdings wants more than $39 million in fees back from its former owner, saying in a new federal lawsuit that private equity firm drained cash from the company as it struggled to remain solvent.
According to the suit, filed in Minneapolis' U.S. District Court Thursday by the court-appointed bankruptcy trustee for Eagan-based Buffets Holdings, the New York-based Caxton-Iseman took the unnecessary advisory and transaction fees and more than $225 million in dividend recapitalizations that left the Old Country Buffet operator with more debt than it could stomach.
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Monday, April 19, 2010
Key lenders agree to Station Casinos reorganization plan
Station Casinos Inc. of Las Vegas today said certain creditors have agreed to support a plan in which the Fertitta family, Colony Capital and key lenders would control the entire company.
The Fertittas and Colony earlier agreed to take an ownership stake in four big hotel-casinos that are being foreclosed on by lenders. Those properties are called the PropCo properties and are Red Rock Resort, Sunset Station, Boulder Station and Palace Station
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The Fertittas and Colony earlier agreed to take an ownership stake in four big hotel-casinos that are being foreclosed on by lenders. Those properties are called the PropCo properties and are Red Rock Resort, Sunset Station, Boulder Station and Palace Station
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Oceanaire to be bought by Landry's Restaurants
Landry’s Restaurants Inc. has agreed to buy The Oceanaire Inc. upscale seafood chain out of bankruptcy.
Houston-based Landry’s (NYSE: LNY) would pay Oceanaire’s creditors $6.6 million — or roughly “80 cents on the dollar,” according to Oceanaire CEO Terry Ryan — and take on approximately $17 million in remaining debt. A U.S. Bankruptcy Court will rule next week on whether the sale can proceed.
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Houston-based Landry’s (NYSE: LNY) would pay Oceanaire’s creditors $6.6 million — or roughly “80 cents on the dollar,” according to Oceanaire CEO Terry Ryan — and take on approximately $17 million in remaining debt. A U.S. Bankruptcy Court will rule next week on whether the sale can proceed.
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Busch Gardens Best Western seeks bankruptcy protection
A massive decline in revenue and struggles in the tourism industry has led a franchised Best Western hotel near Busch Gardens to seek bankruptcy reorganization.
Surya Hospitality LLC, owner of Best Western All Suites at 3001 University Center Drive just outside of Temple Terrace, filed for Chapter 11 bankruptcy protection with the U.S. Bankruptcy Court’s Middle District of Florida April 9, claiming assets and liabilities of up to $10 million.
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Surya Hospitality LLC, owner of Best Western All Suites at 3001 University Center Drive just outside of Temple Terrace, filed for Chapter 11 bankruptcy protection with the U.S. Bankruptcy Court’s Middle District of Florida April 9, claiming assets and liabilities of up to $10 million.
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Best Western aims for more consistency with rebranding
The owners of Best Western hotels have approved a plan that will create three levels for the brand's more than 4,000 properties.
CEO David Kong said 55% of hotel owners approved the plan, which was presented to them at last year's annual meeting.
Under the plan, Best Westerns that have a Two Diamond rating from AAA will remain Best Western, Three Diamond properties will be renamed Best Western Plus and Four Diamond properties will become Best Western Premier — an upper tier that is already in place in Europe and Asia.
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CEO David Kong said 55% of hotel owners approved the plan, which was presented to them at last year's annual meeting.
Under the plan, Best Westerns that have a Two Diamond rating from AAA will remain Best Western, Three Diamond properties will be renamed Best Western Plus and Four Diamond properties will become Best Western Premier — an upper tier that is already in place in Europe and Asia.
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Morgan Stanley warns of $5.4bn property losses
Morgan Stanley has warned investors that an $8.8bn property fund could face the worst losses in real estate private equity history owing to the fall in value of investments made at the peak of the market.
Msref (Morgan Stanley Real Estate Fund) VI International could lose as much as $5.4bn, having been forced to take writedowns or hand back the keys on a range of investments round the world.
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Msref (Morgan Stanley Real Estate Fund) VI International could lose as much as $5.4bn, having been forced to take writedowns or hand back the keys on a range of investments round the world.
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Carlson selling Regent luxury hotel business
Carlson Cos. and The Rezidor Hotel Group, based in Brussels, Belgium, have agreed to sell the Regent luxury hotel business to Formosa International Hotels Corp., based in Taipai, Taiwan.
The deal, announced in a press release Friday, includes the Regent brand, the hotel management and leasing contracts for all hotel properties and the Regent Seven Seas Cruise license.
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The deal, announced in a press release Friday, includes the Regent brand, the hotel management and leasing contracts for all hotel properties and the Regent Seven Seas Cruise license.
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