The Distressed Debt Alert

Parking Corp. of America Airports Files Bankruptcy, Sale Pending

Parking Corporation of America Airports, which is Macquarie Infrastructure Co.'s airport parking business, said it filed for Chapter 11 bankruptcy and plans a sale to Bainbridge ZKS - Corinthian Holdings for $111.5 million, pending court approval.

Source: Press Release

Firstgold Corp., a Lovelock, Nev.-based gold mining and exploration company, filed for Chapter 11 bankruptcy, according to a Securities and Exchange Commission filing.

Source: SEC Filing

Natural Products Group, an Irvine, Calif.-based owner of the Nature's Gate line of shampoos and soap, filed a prepackaged Chapter 11 bankruptcy, as lenders holding 90% of the company's bank loans voted in favor of the restructuring, Reuters reported.

Source: News Story

LBC Credit Partners, which provides loans for restructurings, recapitalizations and other business situations for middle market companies, said it hired former American Capital Strategies managing director John Capperella as portfolio manager in LBC's Philadelphia office.

Source: Press Release

A bankruptcy court in Miami approved the sale of the Fontainebleau Las Vegas Resort project to billionaire Carl Icahn for approximately $150 million, the Las Vegas Sun reported.

Source: News Story

The repossessed Peter Cooper Village and Stuyvesant Town apartment complex in New York could end up being controlled by CW Capital, a commercial mortgage-backed securities servicer representing holders of the complex's $3 billion first mortgage; holders of the mezzanine debt; or a group of tenant investors, the Wall Street Journal reported.

Source: News Story

Quality Candy Shoppes/Buddy Squirrel Inc., a St. Francis, Wis.-based confectionery company with 13 retail locations and an 18-state wholesale distribution network, filed for Chapter 11 bankruptcy, the Milwaukee Journal-Sentinel reported.

Source: News Story

A joint venture between Tishman Speyer and Blackrock handed back the keys to the 11,200-unit Peter Cooper Village and Stuyvesant Town apartment complex in New York after defaulting on $4.4 billion worth of debt, the Wall Street Journal reported.

Source: News Story

Versa Capital Management, a Philadelphia-based private equity firm that specializes in special situation investments, said it hired Suzanne Yoon as director for its newly opened Chicago office, and appointed David McReynolds as director for its newly opened Los Angeles office.

Source: Press Release