CORRECTED: Daiei signs basic accord to sell Fukuoka stadium, hotel.
Japan Weekly Monitor, December, 2003
TOKYO, Dec. 2 Kyodo
Struggling retailer Daiei Inc. took a big step in its restructuring drive Tuesday as it signed a basic agreement to sell its Fukuoka Dome baseball stadium and the adjacent Sea Hawk Hotel and Resort to U.S. investment fund Colony Capital LLC.
The deal is the core part of Daiei's restructuring scheme for its business operations in Fukuoka, paving the way for its six major creditor banks to forgive some 26 billion yen in their claims on loans to the retailer.
The sale is expected to accelerate Daiei's group-wide initiatives to reduce cumulative debts totaling more than 1 trillion yen, including 110 billion yen in interest-bearing debt owed by the Fukuoka businesses.
Under the latest deal, Colony Capital will take...
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