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Innkeepers Plan Includes Lehman, Five Mile Sale

Law360 (April 11, 2011, 7:52 PM EDT) -- Hotel operator Innkeepers USA Inc. on Friday filed a restructuring plan and disclosure statement in New York bankruptcy court that will see a Lehman Brothers Holdings Inc. affiliate and an investment firm potentially take control of the company for as much as $970.7 million.

The plan, filed in the U.S. Bankruptcy Court for the Southern District of New York, is actually four plans rolled into one. In addition to asset management firm Five Mile Capital Partners LLC and creditor Lehman Ali Inc. taking control of 65...
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