I love Hooters.
I spent half my adolescent years in Hooter’s restaurants, drooling (OK, that’s a silly word…but I was young then, and not married) over the waitress staff… and enjoying their food.
More recently, I’ve enjoyed going to their Casino in Vegas, so I was sorry to hear that the Casino was belly up.
And now, they are exploring alternatives to a forced foreclosure including raising capital, a merger or a sale of the property.
Hooters casino’s parent company, 155 East Tropicana LLC, filed for Chpater 11 on Aug. 1 to block a foreclosure planned by lender Canpartners Realty Holding Co. IV, an affiliate of investment company Canyon Capital Realty Advisors of Los Angeles.
The 696-room property is encumbered by debt and liabilities of $177.8 million in debt and liabilities. Ugh.
That’s according to THEIR Aug. 15 filing.
The hotel-casino real estate was valued by the company at $46.7 million as of Aug. 15. Including the real estate and inventory, the company’s assets total just $63.2 million.
Bankruptcy Judge Bruce Markell in Las Vegas on Aug. 4 told Hooters casino attorneys to quickly come up with some new capital or reach a consensual restructuring deal with the debt holders.
One filing said Innovation Capital would work on “raising senior debt and/or junior capital for the company, including refinancing or recapitalizations; or a sale, merger or acquisition of the company.”
So what are they gonna do? What’s gonna happen to Hooter’s Vegas’ Casino?