Main lender of Hooters in Vegas to become owner

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Associated Press

Posted on February 19, 2012 at 5:00 AM

Updated Sunday, Feb 19 at 10:02 AM

LAS VEGAS (AP) — The main debt holder of Hooters hotel-casino in Las Vegas will become the resort's new owner after a bankruptcy auction drew no outside bidders.

Canpartners Realty Holding Co. IV will buy the 696-room property just east of the Las Vegas Strip under a sales plan approved Friday by U.S. Bankruptcy Judge Bruce Markell.

The Las Vegas Sun and Las Vegas Review-Journal report Canpartners acquired the resort with a $60 million credit bid.

A March 30 closing date is scheduled.

Plans call for operations to keep running as usual during the transition, and for all Hooters creditors to be paid in full.

The hotel-casino filed for Chapter 11 bankruptcy reorganization and protection in August to block a foreclosure threatened by Canpartners.

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