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Innkeepers Judge Approves Bankruptcy Plan, Hotel Sales

Innkeepers USA Trust won final court approval for a reorganization plan that includes a sale of 64 of the company’s hotels to Cerberus Capital Management LP and Chatham Lodging Trust, paving its way to exit bankruptcy.

U.S. Bankruptcy Judge Shelley Chapman approved the plan today, after saying in Manhattan court June 24 that she intended to sign off on the hotel company’s restructuring. The plan has the support of Innkeeper’s secured creditors and more than 90 percent of its unsecured creditors, according to a company statement.