Extended Stay, the hotel chain, filed a plan to exit bankruptcy after accepting an investment proposal from Centerbridge Partners, Paulson & Co. and the Blackstone Group. The restructuring plan, filed last night in US Bankruptcy Court in Manhattan, calls for the investor group to take control of Extended Stay’s 666 properties in exchange for a $3.9bn investment that will pay down the company’s $4.1bn mortgage debt.
Extended Stay reveals details of bankruptcy exit plan
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