• Extended Stay sold to Centerbridge

The bankrupt US hotel operator Extended Stay has won court approval to pay creditors by selling its assets to Centerbridge Partners, Paulson & Company and Blackstone Group.

The Centerbridge group will pay $3.9bn for 664 hotels. Extended Stay will use proceeds from the sale to pay its $4.1bn mortgage debt. Owners of $3.3bn in so-called mezzanine debt and general unsecured creditors will receive proceeds of a litigation trust, news wires reported.

http://www.bloomberg.com/news/2010-07-20/extended-stay-wins-court-approval-of-plan-to-sell-assets-exit-bankruptcy.html

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