Innkeepers USA Trust is searching for potential buyers to take the firm out of bankruptcy-court protection, The Wall Street Journal reports. The bankers of the real estate investment trust (REIT) has contacted about 70 potential investors to pick a bidder to finance the company’s bankruptcy exit.
Innkeepers already has a ‘stalking-horse bidder’ by Five Mile Capital Partners to bankroll its bankruptcy exit and turn the company over to creditors. The REIT is being advised by law firm Kirkland & Ellis and investment bank, Moelis &Company.
Click here for the story from The Wall Street Journal.