Once-hot M&A target in court to restructure debt

TOKYO: A Japanese hotel chain, once at the centre of a bidding war between US private equity firms Blackstone Inc and Lone Star Funds, faces a reckoning with its creditors. Unizo Holdings Co became the first Japanese company to default on its bonds in six years when it filed for a court-supervised restructuring in April.

The firm, which has hotels and office buildings, said it didn’t have the money to pay debt worth 10 billion yen (RM323mil) maturing in May.