Hotel Chain Plans to Exit Bankruptcy
Posted on Jul 2, 2010 1:15pm PDT
Extended Stay Inc. has filed a plan to exit bankruptcy after accepting an investment proposal from Centerbridge Partners, Paulson & Co. and the Blackstone Group. The restructuring plan calls for the investor group to take control of the properties in exchange for a $3.9 billion investment that will pay down the company's mortgage debt. The proposal will require court approval.
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