Extended Stay Seeks OK Of Centerbridge's $4B Buy

Law360, New York (June 9, 2010, 4:41 PM EDT) -- Extended Stay Hotels LLC has asked a bankruptcy court to approve a $3.93 billion cash bid from Centerbridge Partners LP and other investors that it says will allow the business lodgings chain to cut certain backup measures from its reorganization plan.

"The debtors are confident that the investment agreement embodying the successful bid is the highest and best bid submitted at the auction and thus provides maximum recoveries and distributions to creditors,” Extended Stay said in a motion supplement filed Tuesday in the U.S. Bankruptcy Court...
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