Hotel chain Highland Hospitality may give up ownership to a group of creditors, The Wall Street Journal reports. The deal is expected to be completed outside bankruptcy court, restructuring about $2 billion in debt and eliminating about $600 million of Highland’s debt.
The creditors include Ashford Hospitality Trust, Prudential Financial, Barclays and Blackstone Group. The company has appointed law firm, Weil, Gotshal & Manges and investment bank, Lazard, to represent it.
Click here for the story from The Wall Street Journal.