Extended Stay said the group, which emerged as the successful bidder at a court supervised auction last month, had also agreed to contribute certificates representing interests in a $4.1 billion mortgage loan for equity of the company.
"The Debtors (Extended Stay) are confident that the investment agreement embodying the successful bid is the highest and best bid submitted at the auction and, thus, provides maximum recoveries and distributions to creditors," the company said in court papers filed late on Tuesday.
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