Innkeepers USA Trust needs more time to file plan as it closes sales

By Lisa Kerner

Charlotte, N.C., June 7 - Innkeepers USA Trust requested a third extension to its exclusive plan of reorganization filing and vote solicitation periods, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company asked the court to extend the exclusive filing period and the solicitation period to Oct. 1 from June 30.

A hearing is scheduled for June 23, the same day as the hearing to confirm the company's plan of reorganization.

As previously reported, Innkeepers filed an amended plan on May 9 to incorporate the terms of a $1.12 billion winning bid for its fixed-rate/floating-rate debtors' assets.

The company said it needs more time to close the sale of 69 of its 71 properties sold at auction in May that adds about $160 million of value to the debtors' estates and also for the plan to go into effect.

Innkeepers USA, a Palm Beach, Fla., hotel real estate investment trust, filed for bankruptcy on July 19, 2010. The Chapter 11 case number is 10-13800.

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