facebook
twitter
search
search

Hooters casino to be auctioned off

Nov. 30, 2011 at 6:21 PM

LAS VEGAS, Nov. 30 (UPI) -- Hooters hotel and casino in Las Vegas and creditors Canpartners have agreed to auction the resort property, court papers show.

In a court hearing, the resort's attorney, Gerald Gordon, said the company and Canpartners Realty Holding Co., which holds $178 million of the resorts $181 million in debts, had agreed to a sale on Feb. 17, The Las Vegas Sun reported Wednesday.

The court must sign off on the agreement.

In the deal signed with the casino, Canpartners agreed to allow Hooters an indefinite time period for an exclusive right to reorganize its finances. By doing so, there would be no chance of a third party gumming up the auction with a reorganization plan of its own.

Gordon said, "We'll work with the interested bidders and Canyon (Capital Realty Advisors of Los Angeles)," which is Canpartners' parent company.

"The issue is to have an orderly transition," he said.

Like Us on Facebook for more stories from UPI.com  
Latest Headlines
Top Stories
Google apologizes for photo app that tagged black couple as 'gorillas'
E-2D aerial refueling capability passes CDR
Norway: New reserves found in North Sea
Shell to tap new Gulf of Mexico oil
Canada awards license for LNG exports to Asia