Press release article from our research archive:

GRAND PALAIS RIVERBOAT INC., RECEIVES LETTER OF INTENT FOR SALE OF NEW ORLEANS RIVERBOAT

DENVER, July 21 /PRNewswire/ -- Hemmeter Enterprises Inc., and the joint venture between affiliates of Hyatt Corporation and Players International Inc. (Nasdaq-NNM: PLAY), today announced they have entered into a letter of intent with respect to a sale by Grand Palais Riverboat Inc., an affiliate of Hemmeter, of a New Orleans-based casino riverboat. The joint venture will petition the regulatory authorities to approve the transaction.

The agreement calls for the purchase of all of Grand Palais' assets for a price of $55 million plus the assumption of certain liabilities. Grand Palais must deliver the assets free and clear with all liabilities satisfied, including bondholder ...

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