Extended Stay granted shorter-than-requested exclusivity extension

By Caroline Salls

Pittsburgh, April 9 - Extended Stay Inc. received a third extension to its exclusive periods to file and solicit votes on a plan of reorganization, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company's exclusive filing period was extended to May 31 from April 2 and the solicitation period to the earlier of Aug. 30 and the date the exclusive period expires for the company's other debtors from May 31.

In its motion, Extended Stay asked the court to extend the filing period to July 1 and the solicitation period to Aug. 30.

According to the motion, the company just recently 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.

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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