MIYAZAKI – U.S. investment fund Ripplewood Holdings LLC said Wednesday it has completed its acquisition of the failed Seagaia resort complex in Miyazaki Prefecture by gaining all of its 7.32 billion yen in shares newly issued after a 100 percent capital cut.
Ripplewood purchased 39,200 new shares in Phoenix Resort Co., Seagaia’s operator, for 3.92 billion yen, boosting its capital to 1.96 billion yen, a spokesman for Ripplewood said.
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