NEW YORK CITY-Extended Stay America Inc. is expected to emerge from bankruptcy soon after a judge approved the hotel chain's reorganization plan. The reorganization plan includes a purchase bid of $3.93 billion by a consortium consisting of Paulson & Co, Centerbridge Partners and Blackstone Group LP.
The consortium will now own the 680 hotel chain, which it expects to emerge from bankruptcy by September. Extended Stay had filed for bankruptcy protection in June 2009 over a failed debt of $7 billion. For the full story, go to Reuters.
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