Merrill Lynch Mortgage Lending Inc. is providing Lodgian with a $309 million credit facility. During its protection period, Lodgian was operating its hotels largely from a $25 million loan by a New York-based lender group led by Morgan Stanley and Lehman Brothers Inc.
"With our new financing and significantly reduced leverage, Lodgian is well-positioned to benefit from an economic recovery and is committed to increasing shareholder value, going forward," company president/CEO David E. Hawthorne says in a prepared statement.
Seventy-nine Lodgian subsidiaries are out of Chapter 11; 18 remain under protection. The company plans to sell nine hotels by the end of first quarter 2003.
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