Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers E > Headlines for Eagle Hospitality Real Estate Investment Trust > News item |
Eagle Hospitality sets bid procedures for hotels, gets $470 million bid
By Sarah Lizee
Olympia, Wash., March 9 – Eagle Hospitality Real Estate Investment Trust unit EHT US1, Inc. is seeking court approval of the bid procedures for 15 of its hotels, according to a motion filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.
The company is also seeking court approval of a stalking horse agreement with Madison Phoenix LLC, an affiliate of Monarch Alternative Capital LP and the debtors’ debtor-in-possession lender.
The stalking horse agreement provides for a total consideration for the assets of $470 million, as well as the assumption of assumed liabilities.
The agreement also provides for a 2% break-up fee and a $3 million expense reimbursement.
Under the proposed bid procedures, the bid deadline would be 4 p.m. ET on May 14, an auction, if needed, would be held on May 20, and a sale hearing would be held on May 28.
A hearing on approval of the bid procedures is scheduled for March 23.
Singapore-based Eagle Hospitality owns a portfolio of corporate, leisure and airport hotels across the United States. U.S. affiliate EHT US1 filed Chapter 11 bankruptcy on Jan. 18 under case number 21-10036.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.