May 3 (Reuters) - Innkeepers USA Trust:
* Concludes successful auction to identify plan sponsors
* Concluded a two-day auction that determined the sponsors of the company's
plan of reorganization
* First successful proposal was submitted by jv between Cerberus Capital
management,chatham lodging
* Says final purchase price to be paid by the joint venture is $1.1 billion
* Jv agreed to acquire debtors' interests in portfolio of hotel properties
* Says a hearing on innkeepers' disclosure statement will take place on may 10
* Says expects that a hearing on confirmation of their plan of reorganization
will take place on June 23
* Second successful proposal submitted by Chatham Lodging for five properties;
purchase price is $195 million
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* Concludes successful auction to identify plan sponsors
* Concluded a two-day auction that determined the sponsors of the company's
plan of reorganization
* First successful proposal was submitted by jv between Cerberus Capital
management,chatham lodging
* Says final purchase price to be paid by the joint venture is $1.1 billion
* Jv agreed to acquire debtors' interests in portfolio of hotel properties
* Says a hearing on innkeepers' disclosure statement will take place on may 10
* Says expects that a hearing on confirmation of their plan of reorganization
will take place on June 23
* Second successful proposal submitted by Chatham Lodging for five properties;
purchase price is $195 million
((Bangalore Equities Newsroom; +91 80 4135 5800; within U.S. +1 646 223 8780))
(For more news, please click here) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.