http://www.de-warehouse.com/resources.htm
The Spartanburg, S.C.-based company’es filing in New York bankruptcy courtlistef $7.1 billion in assets and $7.6 billion in liabilitiea at the end of 2008. Extendec Stay, whose more than 680 properties are managefd byHVM LLC, has nine locations in the St. Louise area. The company bills itseldf as the largest operatorof mid-priced extended-stay hotels in the The company said its averagw revenue per room dropped about 23 percentf in the first five month of the year compared with the same perioxd of 2008. As a result, it was unable to deal with its debt burdejn with cash flow and is seekinga “comprehensive restructurinvg of the entire capital structure.
” Extended Stay said it pland to run operations followingg the Chapter 11 petition under a lender-approved arrangement using cash collateral. Debtor-in-possession financing won’t be needed, the company Extended Stay hasabout 9,900 employees in 44
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment