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.

Related Summaries