Innkeepers Strikes $1.14B Deal With Lenders

Law360, New York (January 18, 2011, 3:06 PM EST) -- Innkeepers USA Trust has agreed to a $1.14 billion deal with its creditors that would cut its debt load by $400 million and put the bankrupt hotel chain one step closer to ending its Chapter 11 litigation.

Innkeepers filed a motion on Friday in the U.S. Bankruptcy Court for the Southern District of New York asking the court to approve the bid from creditors Five Mile Capital Partners LLC and Lehman Ali Inc. to buy the hotel management company and fund its Chapter 11 reorganization....
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