Though Lodgian Inc. plans to sell some assets to pay down debt and has scheduled an upcoming shareholder’s meeting, it may be too little too late for one disgruntled shareholder group that is clamoring for the sale of the company. Last Tuesday, the company announced that it would sell ten hotels to Sunshine Hotel Investors LLC for $132 million cash, with the proceeds from the sale used to pay down its heavy debt burden of $900 million (See M&AR 6/12/2000). Lodgian expects to record a pre-tax loss of approximately $50 million associated with the sale. The company has also scheduled its overdue shareholder’s meeting for October 12.
To read the entire story, you must be logged in.
Please log in now or register with us.
