Extended Stay Wins Approval For Restructuring Bid

Law360, New York (July 20, 2010, 3:31 PM EDT) -- A bankruptcy judge has signed off on hotel business Extended Stay Inc.’s plan to restructure itself by selling substantially all its assets to a private equity team including Centerbridge Partners LP, Blackstone Group LP and Paulson & Co. for about $3.9 billion.

Judge James Peck confirmed the Chapter 11 exit plan Tuesday in the U.S. Bankruptcy Court for the Southern District of New York following a flurry of discussions putting to rest lingering objections to the plan from unsecured creditors, who had initially backed a rival...
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