HRP Myrtle Beach looks to hire Raymond James to advise on asset sale

By Jennifer Lanning Drey

Portland, Ore., Oct. 22 - HRP Myrtle Beach Holdings, LLC requested court approval to hire Raymond James & Associates as its investment banker and financial adviser, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

According to the motion, Raymond James would provide restructuring and general financial advice, primarily in connection with the company's efforts to complete an asset sale.

Raymond James would receive a monthly fee of $75,000 for its services.

The firm would also receive $500,000 if it helps the company carry out a transaction valued at up to $50 million. Raymond James would receive $500,000 plus 1.5% of the transaction value for a transaction valued between $50 million and $75 million.

The firm would receive $875,000 plus 2.0% of the transaction value for a transaction valued at more than $75 million.

A hearing has been scheduled for Nov. 20.

HRP is the Myrtle Beach, S.C.-based parent of Hard Rock Park. The company filed for bankruptcy on Sept. 24, and its Chapter 11 case number is 08-12193.

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