Cerberus restructures debt on 6 resorts

07/12/2011 | Wall Street Journal, The

Cerberus Capital Management deferred its debt deadline for at least two years by reworking more than $1.3 billion of debt on a portfolio of six resorts. The move allows Cerberus to keep the Kyo-ya resort portfolio, which includes the Sheraton Waikiki Hotel in Honolulu and the Palace Hotel in San Francisco. Cerberus acquired the Kyo-ya resorts in 2004 when it bought a majority interest in Kokusai Kogyo K.K., a Japanese holding company.

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