IN BRIEF
Group gets more time to close Hooters deal
Hooters Hotel's ownership has extended the time for an investment group working to purchase the property since April 2007 to close on the deal.
However, the niche property may now solicit additional offers but may not enter any agreements, according to a filing Wednesday with the Securities and Exchange Commission.
Santa Monica, Calif.-based Hedwigs Las Vegas Top Tier signed a third amendment to a purchase agreement Monday to extend the possible closing date two months until Aug. 31.
Hedwigs, which is scheduled to close by June 30, can extend the closing by paying a deposit of $1 million by June 30 and another $2 million deposit by July 31. Both nonrefundable deposits will be credited toward the closing price, which was raised from $95 million to $98 million.
A $500,000 nonrefundable payment originally due May 31 is now due Friday. To date, Hedwigs has paid $5.5 million in nonrefundable payments, of which only $3 million goes toward the purchase price.
USA Capital dispute to be mediated by judge
Bankruptcy judge Mike Nakagawa on Friday will mediate a dispute between the New York company that services loans made by failed USA Capital and investors in loans made by USA Capital.
USA Capital filed for bankruptcy in April 2006. Compass Partners bought the right to service USA Capital loans for $65 million over the objection of Donna Cangelosi and members of the Lenders Protection Group.
Cangelosi later formed limited liability corporations through contracts with USA Capital investors and sought to replace Compass as loan servicer.
The mediation meeting is open to investors who own interests in loans originated by USA Capital. It starts at 9:30 a.m. in Nakagawa's chambers in the Foley Building, 300 Las Vegas Blvd. South.
CHESTER, W.Va.
MTR Gaming closes Speedway Casino sale
MTR Gaming Group has completed the sale of its Speedway Casino in North Las Vegas.
Company officials say Lucky Lucy D paid $2 million in cash, and will pay off a balance of up to $4.77 million under an earn-out formula based on gross revenues over a 4-year period.
In January, MTR sold the North Las Vegas real estate to Ganaste LLC, an affiliate of Lucky Lucy D, for $11.4 million.
In March, the company completed the sale of Binion's Gambling Hall & Hotel in Las Vegas to TLC Casino Enterprises in a deal worth about $28 million.
J.M. Smucker deals won't end with Folgers
J.M. Smucker Co.'s $3 billion purchase of Folgers coffee, an acquisition that will double the 111-year-old jelly maker's size, won't be its last.
The maker of Smucker's jam and Jif peanut butter plans to buy the Procter & Gamble Co. coffee unit later this year, the largest acquisition for Orrville, Ohio-based Smuckers and a move that will make it the biggest U.S. coffee company.
After the purchase, which Smucker will pay for with 63 million shares once P&G splits or spins off the unit to shareholders, the foodmaker will have enough cash to keep buying, executives said on a conference call with analysts and investors.
NEW YORK
Treasury prices decline as stocks rebound
Treasury prices fell Wednesday as the stock market rebounded from two straight sessions of losses.
The benchmark 10-year note fell 0.66 points to 99.21 and yielded 3.97 percent, up from 3.89 percent late Tuesday.
