Innkeepers Wins Approval For $50M Financing Bid

Law360, New York (August 31, 2010, 7:33 PM EDT) -- A judge on Tuesday approved bankrupt hotel owner Innkeepers USA Trust's request for more than $50 million in financing, but she held off on giving the company final authority to tap cash collateral.

Judge Shelley C. Chapman ruled in the U.S. Bankruptcy Court for the Southern District of New York that Innkeepers could obtain debtor-in-possession financing from Five Mile Capital Partners LLC.

However, following a lengthy hearing in which a lawyer for Midland Loan Services quizzed witnesses extensively on Innkeepers' plans for protecting the value of...
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