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Eagle Hospitality Bankruptcy Plan Approved for Creditor Vote

Nov. 4, 2021, 7:55 PM

Eagle Hospitality Real Estate Investment Trust’s bankrupt U.S. units won court approval to solicit votes on a creditor-backed plan to liquidate, following sales of its hotels.

EHT US1 Inc. and 26 other Eagle subsidiaries, whose plan disclosures were approved Thursday, temporarily beat an objection from the U.S. Trustee’s Office over proposed liability releases for a creditor, Bank of America.

The company put forward a Chapter 11 plan following sales of 14 of its 15 hotel properties for about $482 million.

Under the proposed plan, secured lenders agreed to limit their claims in the bankruptcy to $380.5 million and to recover ...

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