Eagle Hospitality Settles With Creditors, Files Bankruptcy Plan

Hotel owner Eagle Hospitality Real Estate Investment Trust and 26 subsidiaries filed a Chapter 11 plan to liquidate in bankruptcy and pay secured lenders at least $360 million.

The plan, was jointly filed Thursday by the debtors, the unsecured creditors committee, and a pre-bankruptcy secured lender—a loan syndicate led by Bank of America NA as its agent.

It follows a deal under which the secured lenders agreed to have $380.5 million in claims allowed in the bankruptcy and recover a $360 million minimum, according to plan disclosures.

Unsecured creditors would receive about $15 million for $32 million in ...