Judge Approves Innkeepers' $1B Deal With Cerberus

Law360, New York (October 21, 2011, 5:46 PM EDT) -- A New York bankruptcy judge signed off Friday on Innkeepers USA Trust's hard-fought $1.02 billion deal to sell 64 hotels to a unit of Cerberus Capital Management LP, which had been hit with a lawsuit after it backed out of the transaction.

U.S. Bankruptcy Judge Shelley C. Chapman approved the settlement laying out the revised offer, which had previously been $1.12 billion before Cerberus Series Four Holdings LLC and Chatham Lodging Trust nixed the deal on Aug. 19, citing turmoil in the world financial markets....
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