NEW YORK CITY-Extended Stay America Inc. is expected to emerge from bankruptcy soon after a judge approved the hotel chain's reorganization plan. The reorganization plan includes a purchase bid of $3.93 billion by a consortium consisting of Paulson & Co, Centerbridge Partners and Blackstone Group LP.
The consortium will now own the 680 hotel chain, which it expects to emerge from bankruptcy by September. Extended Stay had filed for bankruptcy protection in June 2009 over a failed debt of $7 billion. For the full story, go to Reuters.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
