Extended Stay seeks six-month exclusivity extension to formulate plan

By Alice Popovici

New York, Sept. 16 - Extended Stay, Inc. requested an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company wants to extend its exclusive plan-filing period to April 13, 2010 from Oct. 13 and the solicitation period to June 11, 2010 from Dec. 11.

A hearing has been scheduled for Oct. 8.

Extended Stay is requesting an extension because negotiations of its "complex debt structure" with its many stakeholders have been delayed and complicated by various litigations, and additional contingencies have to be resolved before going forward with plan negotiations, according to the motion.

Extended Stay, a New York-based owner and operator of mid-priced extended stay hotels, filed for bankruptcy on June 15. Its Chapter 11 case number is 09-13764.

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