Lodgian's Ch. 11 Reorganization Approved

ATLANTA-Lodgian Inc., a locally based hotel owner/operator that competes with Six Continents, Hilton and Host Marriott properties, expects to have its first amended joint plan of reorganization in place by about Dec. 5 for its subsidiaries owning 86 hotels.

Lodgian voluntarily filed for protection under Chapter 11 of the U.S. Bankruptcy Code on Dec. 5, 2001. According to the company’s last unaudited consolidated balance sheet of Sept. 30, 2001, filed with the Securities and Exchange Commission, Lodgian listed total assets of $1 million and debt of $968.7 million.

The company has been operating its 105 hotels in 32 states and Windsor, Ontario, Canada under a court-approved debtor-in-possession status since then.