Innkeepers Files New Ch. 11 Plan After $1.1B Deal

Law360, New York (May 9, 2011, 7:49 PM EDT) -- Innkeepers USA Inc. filed a reorganization plan Monday in New York that resolves its 92 debtors' claims one week after Cerberus Capital Management LP and Chatham Lodging Trust made the winning $1.1 billion bid for the bulk of the bankrupt hotel operator's assets.

The plan, filed in the U.S. Bankruptcy Court for the Southern District of New York, is a combination of four plans that address claims against the 64 hotels bought by Cerberus and Chatham, the five independent hotels purchased separately by Chatham for $195...
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