The Daily Docket: Innkeepers Exits Bankruptcy

Innkeepers USA Trust on Thursday said it has closed its $1.02 billion sale of 64 hotels to Cerberus Capital Management LP, the last step in the hotelier’s emergence from Chapter 11 bankruptcy. Read the Daily Bankruptcy Review article here.

Hussey Copper Corp. is seeking to give as much as $2.7 million in employee bonuses under an incentive plan that hinges on the success of its sale process. Click here to read the article in DBR Small Cap.

(The Daily Bankruptcy Review and DBR Small Cap are daily newsletters with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial to DBR, click here. For DBR SC, click here.)

The Wall Street Journal reports that Sweden’s Saab is set to be sold for nearly $142 million to Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co.

Also according to WSJ, officials from Pennsylvania’s struggling capital city, Harrisburg, are going to auction an “Old West” collection. The 8,000-item collection includes cannonballs, rifles and wanted posters.

Jerome Jackson, an attorney for Los Angeles Dodgers owner Frank McCourt, argued that the men charged in the beating of San Francisco Giants fan Bryan Stow should be held liable for the attack instead of McCourt, ESPN LA reports. Jackson also said that Stow should share some of the liability for the Opening Day attack at Dodger Stadium.

Fitch Thursday downgraded MF Global Holdings Ltd.’s credit level to junk status, WSJ reports, and at least one big broker stopped some of its trading with the firm.

According to the Globe and Mail, the liquidation of Blockbuster Canada has left little for unsecured creditors.

Bloomberg reports that the family of Bernard Madoff would get $82 million of money from “other investors” under the ruling that curbed trustee Irving Picard’s claims to only two years of Ponzi-scheme withdrawals from the New York Mets’ owners.

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