>Oceanaire to be bought by Landry's Restaurants

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>Landry’s Restaurants Inc. has agreed to buy The Oceanaire Inc. upscale seafood chain out of bankruptcy.

Houston-based Landry’s (NYSE: LNY) would pay Oceanaire’s creditors $6.6 million — or roughly “80 cents on the dollar,” according to Oceanaire CEO Terry Ryan — and take on approximately $17 million in remaining debt. A U.S. Bankruptcy Court will rule next week on whether the sale can proceed.

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