Posted at 9:01 a.m., Wednesday, March 21, 2007
Azabu gives more details on bankruptcy reorganization
Advertiser Staff
Azabu Buildings Co. Ltd., owner of Hawaii's Hyatt Regency Waikiki Resort & Spa, yesterday filed an amended disclosure statement and bankruptcy reorganization plan after receiving conditional approval of the statement subject to modifications.U.S. Bankruptcy Judge Robert Faris in Honolulu conditionally approved the disclosure statement, meant to explain the reorganization plan to creditors, at a March 16 hearing. The revisions include an executive summary and additional disclosures.
Once Faris approves the revisions, Azabu can send the disclosure statement to creditors with ballots to vote on the company's exit plan. The company will then seek court confirmation of the plan at a hearing set for May 3.
Hyatt Corp., with 215 hotels in 43 countries, won preliminary approval last week to pay $445 million for Azabu's assets. Final approval of the sale is contingent on court confirmation of Azabu's reorganization plan.
Five creditors filed an involuntary petition forcing Azabu into bankruptcy court in November 2005. Those creditors, with claims totaling $103.8 million, were: Beecher Ltd.; Preh Inc.; Wac Inc.; Nippon Capital Partners LLC; and Nippon Portfolio Partners III LLC.
The case is In re Azabu Buildings Co. Ltd., 05-50011, U.S. Bankruptcy Court, District of Hawaii (Honolulu).
