Morgans Inks Deal With Yucaipa To Shed $230M In Debt

Law360, New York (April 1, 2013, 7:33 PM EDT) -- Morgans Hotel Group Co. said Monday that it plans to sell its stakes in a Florida hotel and Las Vegas hotel management company to The Yucaipa Cos. LLC as part of a plan to shed $230 million in debt and free up cash for future projects.

The New York-based hospitality group agreed to exchange its ownership of The Delano South Beach and The Light Group for the cancellation of $230 million worth of Yucaipa's interests in Morgans' convertible notes, preferred stock and stock warrants. The agreement...
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