Golf course owner agrees to be bought in $1.1 billion deal. (Up Front).As expected, National Golf Properties Inc., the Santa Monica-based real estate investment trust, and its privately held affiliate, American Golf Corp., agreed to be acquired by funds run by Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. Group and Starwood Capital Group. The deal, valued at $1.1 billion, rescues the struggling Santa Monica Santa Monica (săn`tə mŏn`ĭkə), city (1990 pop. 86,905), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1886. Tourism and retailing are important, and the city has motion-picture, biotechnology, and software industries. golf course business founded by David Price There have been a number of people named David Price:
intr.v. en·sued, en·su·ing, en·sues 1. To follow as a consequence or result. See Synonyms at follow. 2. To take place subsequently. decades. The Sept. 16 agreement includes repayment of $400 million in National Golf debt, $100 million owed by American Golf and $110 million in preferred operating units--some of which will be converted into equity--as well as other capital obligations. Holders of National Golf shares and common partnership units will receive $12 for each security held. The Business Journal first reported the deal on Sept. 2. In the past year and a half, as the golf course business deteriorated, American Golf began having trouble paying its rents to National Golf, and both companies defaulted on their lender agreements. Price, chairman of both companies, stepped aside due to conflicts of interest to allow a committee of three outside directors to control the restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). process. Price will be chairman emeritus e·mer·i·tus adj. Retired but retaining an honorary title corresponding to that held immediately before retirement: a professor emeritus. n. pl. of the new company, but the role is expected to be largely ceremonial. At last count, National Golf was the owner of 116 courses in 22 states. It was founded in 1993 to be the publicly held arm of its chief tenant and the operator of nearly all of its courses, privately held American Golf. |
|
||||||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion