Ramada Scraps Restructuring
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From Associated Press
PHOENIX — Ramada Inc. on Wednesday called off a restructuring under which it would have sold its 825 hotels because of unstable conditions in the junk bond market.
The hotel chain canceled a $400-million debt offering that was a prerequisite for the restructuring and said it could offer “no assurance” the deal would be completed.
Ramada earlier this year said it said it would sell its worldwide hotel business to New World Hotel Holdings Ltd. of Hong Kong for about $540 million.
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