Innkeepers Wins Approval Of Disclosure Statement

Law360, New York (May 13, 2011, 8:40 PM EDT) -- Hotel operator Innkeepers USA Trust scored a New York bankruptcy judge's tentative approval of its disclosure statement Friday, after days of negotiations that followed two successful auctions, including one that sold off most of its hotels for $1.1 billion.

U.S. Bankruptcy Judge Shelley C. Chapman approved the disclosure statement subject to her review of a final version Monday, which Anup Sathy of Kirkland & Ellis LLP, who represents Innkeepers, said would incorporate the remaining "modest" changes from a final round of negotiations.

"It's breathtaking to think...
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