Innkeepers’ OKed Ch. 11 Plans Include $1.1B Hotel Sale

Law360, New York (June 23, 2011, 6:15 PM EDT) -- A New York bankruptcy judge on Thursday gave her tentative blessing to hotel operator Innkeepers USA Trust's four reorganization plans, which include the $1.1 billion sale of most of its hotels to Cerberus Capital Management LP and Chatham Lodging Trust.

U.S. Bankruptcy Judge Shelley C. Chapman said she was satisfied with the "global peace" that Innkeepers had reached in the hours before the confirmation hearing, resolving nearly all objections to the plan. Innkeepers is drafting an updated final order, and the judge said she would enter...
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