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Innkeepers Creditors Seek Role In Suit Over Cerberus Bid

Law360, New York (October 3, 2011, 8:07 PM EDT) -- Unsecured creditors of Innkeepers USA Trust said Wednesday that they want to intervene in an upcoming trial in New York bankruptcy court over whether a Cerberus Capital Management LP unit and Chatham Lodging Trust improperly torpedoed a $1.1 billion deal to buy 64 properties.

While the debtors have said they accepted the creditors' stipulation to step into the lawsuit, the defendants in the case stopped responding to attempts by the creditors to get consent to intervene, according to the unsecured creditors committee's motion.

Innkeepers, a bankrupt...
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