Extended Stay seeks court approval of third exclusivity extension

By Caroline Salls

Pittsburgh, March 18 - Extended Stay Inc. requested a third extension to its exclusive periods to file and solicit votes on a plan of reorganization, according to a Thursday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company wants to extend its exclusive filing period to July 1 from April 2 and the solicitation period to Aug. 30 from May 31.

According to the motion, the company just announced its new equity commitment agreement, and it needs more time to confirm what assets will be available for distribution to creditors and to further analyze its debt.

A hearing is scheduled for April 8.

Extended Stay, a New York-based owner and operator of mid-priced extended stay hotels, filed for bankruptcy on June 15, 2009. Its Chapter 11 case number is 09-13764.

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