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.