Reuters logo
Innkeepers says in settlement talks with Cerberus
October 10, 2011 / 5:25 PM / 6 years ago

Innkeepers says in settlement talks with Cerberus

NEW YORK, Oct 10 (Reuters) - Innkeepers USA Trust is in talks to resolve litigation over the collapse of a planned $1.12 billion asset sale to Cerberus Capital ManagementChatham Lodging Trust .

Innkeepers Chief Restructuring Officer Marc Beilinson said in a statement that the two sides were negotiating on Monday, but no agreement had been reached.

Beilinson said Innkeepers was prepared to move ahead with a trial on Tuesday in U.S. Bankruptcy Court in Manhattan if a deal could not reached Monday.

Cerberus and Chatham in August walked away from the deal, saying a material adverse event had occurred and could damage Innkeepers’ business.

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below