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Article: Morgans Hotel Group Reports Third Quarter 2009 Results.(Financial report)
- Article from:
- Investment Weekly News
- Article date:
- November 14, 2009
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Morgans Hotel Group Co. (NASDAQ: MHGC) ("MHG" or the "Company") reported financial results for the third quarter ended September 30, 2009.
On October 15, 2009, MHG announced that an affiliate of The Yucaipa Companies, LLC ("Yucaipa") invested $75 million in MHG in the form of preferred securities. The capital infusion will significantly strengthen MHG's balance sheet and provide long-term financing for growth. Combined with the recent amendment to MHG's credit line in August 2009, MHG has added approximately $200 million of liquidity in the last two months.
On October 15, 2009, MHG announced that it has entered into an agreement with one of its lenders ...