Eagle Hospitality To Float $380M Cash Payout In Ch. 11 Plan

By Jeff Montgomery (October 15, 2021, 6:37 PM EDT) -- Eagle Hospitality Group has rolled out a plan and disclosure statement for its Delaware Chapter 11 liquidation, aiming to complete voting by Dec. 9 and secure a confirmation on Dec. 16 or 20 for a liquidation that will pay about $379.5 million to top creditors in the 15-hotel bankruptcy.

Documents filed late Thursday show that the property company lenders would see the largest recovery, at least $360.2 million, under a plan in the works since January, when the venture moved most of its 18 hotels into Chapter 11 with more than $500 million in debt. Proceedings that followed saw allegations of...

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