Extended Stay looks to extend exclusive periods to Dec. 15

By Lisa Kerner

Charlotte, N.C., Aug. 18 - 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 Wednesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company wants to extend its exclusive periods to Dec. 15 from Sept. 16.

A hearing is scheduled for Sept. 23.

Extended Stay said that since confirmation of its plan in July, it has been working to complete the transactions contemplated under the plan so that the effective date can occur in mid to late September.

The extension request was filed "out of an abundance of caution" and to preserve exclusivity if the transaction does not close before Sept. 16.

Extended Stay's investment agreement requires the effective date to occur by Nov. 15.

In May the court extended the exclusive periods to file a plan of reorganization and solicit votes on the plan to Sept. 16 from May 31. The company had asked the court to extend the period to Sept. 30.

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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