Innkeepers USA Eyes Speedy Trip Through Ch. 11

Law360, New York (July 19, 2010, 6:44 PM EDT) -- Innkeepers USA Trust checked into bankruptcy court Monday seeking to implement a prearranged restructuring under which prepetition lender Lehman ALI Inc. would swap a $238 million secured claim for substantially all the reorganized company's equity.

The real estate investment trust filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York, listing both assets and liabilities of more than $1 billion. A slew of Innkeepers affiliates also filed for bankruptcy.

Innkeepers said it expected to move through the Chapter 11...
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