Innkeepers USA Trust’s creditors won court permission to probe the 2007 transaction in which Apollo Investment Corp. acquired ownership of the bankrupt hotel company, giving it $1 billion in debt.
U.S. Bankruptcy Judge Shelley Chapman in Manhattan court today said the committee can seek documents and witnesses from parties involved in the buyout, including Lehman Brothers Holdings Inc., which was an originator to loans used in the buyout. Creditors also seek to evaluate the validity of secured claims on Innkeeper’s estate which arose from the 2007 transaction.
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