Japan’s Once-Hot M&A Target Is in Court to Restructure Debt
- Plans May 9 meeting with banks, according to people familiar
- Default has potential ramifications for Japan’s regional banks
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A Japanese hotel chain, once at the center 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 ($72.8 million) maturing in May.