Eagle Hospitality Gets $478.6m From Property Sales Under Chap 11

Eagle Hospitality Trust said the net proceeds obtained from sale of 14 properties under the Chapter 11 process comes up to $478.6m and excludes the Queen Mary Long Beach property.

• Chapter 11 Entities received net proceeds of about $324.7 million from the sale of 9 non-auctioned properties
• Balance of the net proceeds from the sale of the Chapter 11 properties will be used to repay ongoing post-petition expenses and pre-petition creditors of the Chapter 11 entities in the order of priority of their respective rights, including the outstanding amount under the pre-petition facilities agreement including accrued interest and related swap ...