Extended Stay Hotels, owned by the Lakewood based Lightstone Group, saddled with a huge debt burden from its $8 billion top-of-the-market buyout, filed for Chapter 11 protection Monday, in one of the largest bankruptcy filings by a commercial real-estate company. The filing, made in U.S. Bankruptcy Court for the Southern District of New York in Manhattan, came as a legal battle accelerated among the creditors who hold debt from the buyout by Lightstone Group LLC. Those lenders include Bank of America and its Merrill Lynch unit and Wells Fargo & Co.'s Wachovia. Since late last year, creditors have been negotiating with Lightstone over a possible restructuring of the debt. Read the full article from the Wall Street Journal here.
Monday, June 15, 2009
Extended Stay Hotels Seeks Chapter 11
Extended Stay Hotels, owned by the Lakewood based Lightstone Group, saddled with a huge debt burden from its $8 billion top-of-the-market buyout, filed for Chapter 11 protection Monday, in one of the largest bankruptcy filings by a commercial real-estate company. The filing, made in U.S. Bankruptcy Court for the Southern District of New York in Manhattan, came as a legal battle accelerated among the creditors who hold debt from the buyout by Lightstone Group LLC. Those lenders include Bank of America and its Merrill Lynch unit and Wells Fargo & Co.'s Wachovia. Since late last year, creditors have been negotiating with Lightstone over a possible restructuring of the debt. Read the full article from the Wall Street Journal here.
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3 comments:
nebach
Let him quickly call Hillary, to repay the favor!!!
Rabboisai the world we live in is so complicated ,just over a year ago the news of the purchase of Extended Stay Hotels, buy a talmid of lakewood yeshivah riveted the imagination of many people,thinking to themself how sucsessful and accomplished this individual must be.Truth is in his own way, he probally is sucsessful,but we see from these unfolding events that everything around us is purely "dimyon" I'm sure Reb D would agree with this.Reb D is a very special person and a tremendous thinker and the last one to give up ,he is the first to agree he made a mistake and will come back and continue to be matzliach.We as friends and neighbors need to show encouragement and support for him and anyone who does his "hishtadlus" But never lose our focus and remember that "siyatah dishmaya" is abundent ..we must continue on with "emunah"
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