Morgans Hotel Group (MHGC) completes "transformative" deal to "dramatically improve" balance...

|About: Morgans Hotel Group Co. (MHGC)|By:, SA News Editor

Morgans Hotel Group (MHGC) completes "transformative" deal to "dramatically improve" balance sheet. The company has given up ownership interests in exchange for the cancellation of debt and stock warrants and has also launched a rights offering. The result: a $230M reduction of debt and preferred stock obligations.