Innkeepers Wins Judge's OK For $1B Auction Proposal

Law360, New York (March 11, 2011, 6:18 PM EST) -- A New York judge put Innkeepers USA Trust on track Friday to emerge from bankruptcy protection under the control of  a Lehman Brothers Holdings Inc. affiliate and an investment firm in a deal valuing the bulk of the hotel investment company at $970.7 million.

Judge Shelley C. Chapman issued a ruling from the bench in the U.S. Bankruptcy Court for the Southern District of New York approving a commitment with asset management firm Five Mile Capital Partners LLC and creditor Lehman Ali Inc., as well as...
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