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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Antero Midstream Corporation | NYSE:AM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.02 | -0.14% | 14.48 | 14.615 | 14.42 | 14.45 | 2,606,234 | 00:48:32 |
Innkeepers USA Trust (KPA) agreed to a prepackaged bankruptcy filing that will leave real-estate entities of Lehman Brothers Holdings Inc., one of its biggest creditors, with substantially all of the equity in the reorganized company.
The real-estate investment trust will significantly cut its debt, estimated at more than $1 billion, with the company maintaining its portfolio of 72 extended-stay hotels and other properties under brands such as Hampton Inn, courtyard by Marriott and Embassy Suites.
Marriott International Inc. (MAR) also agreed on a franchising pact that is contingent on Innkeepers' ability to upgrade some of its hotels.
The company, based in Palm Beach, Fla., took on hundred of millions in debt in a $1.5-billion buyout by Apollo Investment Corp. in 2007. Innkeepers expects to re-emerge from Chapter 11 restructuring in "short order," but didn't give further details.
Chief Restructuring Officer Marc Beilinson said the company has positive operational cash flows, and that along with its two debtor-in-possession financing agreements for about $67 million earmarked toward hotel improvements, has "the resources to meet our ongoing financial needs." The company and third-party managers will continue to operate the hotels.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com
1 Year Antero Midstream Chart |
1 Month Antero Midstream Chart |
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