Extended Stay exclusive periods extended three months to Dec. 15

By Caroline Salls

Pittsburgh, Sept. 24 - Extended Stay Inc. obtained an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Thursday filing with the U.S. Bankruptcy Court for the Southern District of New York.

Specifically, the company's exclusive periods were extended to Dec. 15 from Sept. 16.

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

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

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

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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