Eagle Hospitality REIT OK'd In Del. For $100M Ch. 11 Loan
Law360 (January 21, 2021, 11:26 PM EST) -- A bankrupt fleet of U.S. hotels tied to a Singapore-based real estate investment trust secured a $100 million Chapter 11 loan in Delaware on Thursday, amid top creditor objections that the debtor had charted an "unnecessarily contentious and expensive path to an inevitable sale."
Concerns among lenders to the affiliates of Singapore's Eagle Hospitality REIT prompted a series of revisions to debtor-in-possession loan access for the first three weeks of the case. Interim borrowing was initially proposed at $40 million but trimmed to $9.31 million by late Thursday, with the final $2 million held as a contingency requiring three days' notice...
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