U.S. investment fund Ripplewood Holdings LLC said Friday it will take over the operations of the failed Seagaia resort complex in Miyazaki Prefecture.
Ripplewood, which made headlines last year by becoming the first foreign firm to buy a Japanese bank, will now become the first foreign company to take over a failed semipublic entity.
The deal comes only two days after the New York-based private equity firm said it would take a 42 percent stake in Nippon Columbia Co., the troubled Japanese audio manufacturer.
Ripplewood is expected to hand operations of the Seagaia resort to U.S. hotel group Marriott International Inc., sources familiar with the deal said.