Innkeepers USA May Be Preparing Bankruptcy

Law360, New York (April 21, 2010, 4:51 PM EDT) -- Palm Beach, Fla.-based Innkeepers USA Trust, which owns interests in 73 hotels around the country, is reportedly preparing a bankruptcy filing as it attempts to restructure debt that it has struggled to repay in recent months.

The Apollo Investment Corp.-owned real estate investment trust has retained Kirkland & Ellis LLP and investment banker Moelis & Co. to advise on a potential bankruptcy filing, Reuters reported Tuesday, citing four anonymous sources familiar with the matter.

The sources said Innkeepers is looking into all possible restructuring routes, including...
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