• Innkeepers agrees debt deal

Innkeepers Trust is reported to have reached a deal with its major creditors that will cut the chain’s debt by over $400m.

The agreement will allow the group to emerge from Chapter 11 protection. It is thought that Five Mile Capital Partners and Lehman Ali have provided $174.1m in equity capital to the company in addition to converting $200.3m of their debt into 100% equity in the group.

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