TRENTON, N.J., Dec. 24 /PRNewswire/ — Bankruptcy Creditors' Service, Inc., today announced publication of LODGIAN BANKRUPTCY NEWS, tracking the chapter 11 proceedings undertaken last week by Lodgian, Inc. (OTC Bulletin Board: LODN), and its dozens of debtor-affiliates before the United States Bankruptcy Court for the Southern District of New York.
The first issue of LODGIAN BANKRUPTCY NEWS, released today, includes:
* background information about the Company's 105 (or 106) hotel properties, operations and finances;
* data extracted from the Debtors' bankruptcy petitions;
* lists of the Debtors' 20 largest unsecured creditors;
* a detailed look at the new $25 million debtor-in-possession financing package extended by Morgan Stanley Senior Funding and Lehman Commercial Paper, Inc.; and
* a calendar of the key dates and deadlines in the Debtors' chapter 11 case;
Peter A. Chapman, BCSI's president and editor of LODGIAN BANKRUPTCY NEWS, relates.
Chapman says that the next edition, available later this week, will provide subscribers with a detailed review of:
* the Debtor's applications to employ Cadwalader, Wickersham & Taft as lead bankruptcy counsel, Curtis, Mallet-Provost, Colt & Mosle LLP, as co-counsel, Chilmark Partners LLC for investment banking services, and PKF Consulting for real estate-related advice, as well as the normal parade of other restructuring professionals that will steer management through the bankruptcy process;
* the operational and financial impact of the first-day motions brought before Judge Lifland necessary to maintain stability from the customers', employees' and vendors' perspectives; and
* the United States trustee's plans and efforts to form one or more official committees to represent the interests of the Debtors' creditors and shareholders.
LODGIAN BANKRUPTCY NEWS is distributed on a subscription basis by e-mail for $45 per issue. New issues are published as significant activity occurs (generally every 10 to 20 days) in the company's chapter 11 case.
Chapman advises that a free copy of the first issue of LODGIAN BANKRUPTCY NEWS is available immediately via the Internet at http://www.bankrupt.com/lodgian.txt using a standard Web browser.
Since 1990, BCSI has published similar newsletters tracking billion-dollar insolvency proceedings. Currently, BCSI provides similar coverage of the chapter 11 cases involving Enron Corp., Polaroid Corporation, Pacific Gas and Electric Company, Reliance Group Holdings & Reliance Financial, The FINOVA Group, Inc., Comdisco, Burlington Industries, Fruit of the Loom, Pillowtex, Warnaco, Chiquita Brands, Ames Department Stores, Service Merchandise, NationsRent, ANC Rental, Laidlaw, Safety-Kleen, Bridge Information Services, Imperial Sugar, The Loewen Group International, Inc., Vlasic Foods, AMF Bowling, Bethlehem Steel, LTV, Wheeling-Pittsburgh, Federal-Mogul, W.R. Grace & Co., Owens Corning, Armstrong World Industries, USG Corporation, Hayes Lemmerz, Harnischfeger Industries, Inc., Exodus Communications, Winstar, Covad Communications, 360networks, ICG Communications, PSINet, Lernout & Hauspie & Dictaphone, Vencor, Inc., Sun Healthcare Group, Inc., Mariner Post-Acute & Mariner Health, Genesis Health & Multicare, and Integrated Health Services.