filed for Chapter 11 bankruptcy and signed a letter of intent to be acquired by an investor group.
The investor group is made up of
Oaktree Capital Management
Pacific Capital Group
. Together, Onex and Oaktree Capital own interests in about $250 million of Loews' senior bank debt. Oaktree also owns about 60% of Loews' outstanding senior subordinated notes.
The company, which is based in New York, is also seeking bankruptcy protection in Canada.
Loews closed at 39 cents on Feb. 14. The
New York Stock Exchange
suspended Loews from trading and has taken steps to delist the stock.