NEW YORK CITY-Appaloosa Management LP is claiming that the Innkeepers USA Trust and Lehman Brothers Holdings Inc. are signing a bankruptcy-plan support pact that would adversely affect the business of Appaloosa.
The bankruptcy restructuring will block Innkeepers from negotiating another deal and is designed to provide an unfair advantage to the owner Apollo Investment Group and Lehman. As part of the deal, Lehman will exchange Innkeepers' $220 million debt for equity and then later sell it for $107.5 million to Apollo. For the full story, go to Wall Street Journal.
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