The owner of a fast food giant based in Santa Barbara County delayed plans to take the company public with a stock offering.
Apollo Management, the owner of Carpinteria based CKE Incorporated, had planned to do an IPO last week to try to raise as much as 200 million dollars.
But, the owner of the Carl’s Junior, and Hardee’s fast food chains decided at the last minute that market conditions weren’t favorable for the offering at this time.
CKE had been on the stock market for decades, but Apollo took the company private in 2010, in a 700 million dollar deal. Wall Street officials say CKE now has $1.5 billion dollars in debt on its ledgers, and some analysts say the debt will make a successful IPO difficult.