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General Growth, Innkeepers, Fuddruckers: Bankruptcy

Innkeepers USA Trust, a real estate investment trust, said in court papers filed early this morning that it’s working with Five Mile Capital Partners LLC and a subsidiary of secured lender Lehman Brothers Holdings Inc. on an agreement to fund a reorganization plan. The proposal includes an auction to test whether anyone will top the offer from Five Mile and the Lehman subsidiary Lehman Ali Inc.

This morning’s filing was a motion for a four-month extension of the exclusive right to propose a Chapter 11 plan. If granted at a Jan. 26 hearing, the new deadline would be May