Lehman Seeks OK For $108M Innkeepers Equity Sale

Law360, New York (July 28, 2010, 4:40 PM EDT) -- Lehman Brothers Holdings Inc. has agreed to sell half its equity stake in Innkeepers USA Trust to private equity firm Apollo Investment Corp., the current owner of the bankrupt hotel management company, for $107.5 million.

According to a sale motion filed Tuesday in the U.S. Bankruptcy Court for the Southern District of New York, Lehman Brothers is set to acquire approximately all the equity in the reorganized Innkeepers as part of a debt-for-equity swap that would cancel out Lehman Brothers' $220.2 million secured claim against Innkeepers....
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