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?Tranche Warfare? Erupts as Property Owners Slide Into Default

By Implode-Explode Heavy Industries

" Extended Stay?s creditors are battling each other after the company filed the largest bankruptcy case by a U.S. hotel owner. A company reorganization plan, which includes financing from Centerbridge Partners LP and Paulson & Co., may be challenged by a proposal from Starwood Capital Group LLC that is backed by some so-called mezzanine lenders."

Full post as published by Mortgage Lender Implode-o-Meter on January 20, 2010 (boomark / email).