Struggling retailer Daiei Inc. announced Tuesday it has agreed to sell a baseball stadium/hotel complex to U.S. investment fund Colony Capital LLC, offloading a chunk of mounting debts as it struggles to stay afloat.
Daiei said that Colony will acquire the Fukuoka Dome and the Sea Hawk Hotel and Resort in Fukuoka Prefecture by assuming their 60 billion yen interest-bearing debts.
With the expected debt waiver of 23 billion yen by six main lenders to Daiei's so-called Fukuoka business centered around the Fukuoka Daiei Hawks baseball team, the company is set to lop off 100 billion yen debts, the officials said.