The U.S.-based units of a Singaporean hotel real estate trust have obtained bankruptcy court approval of their sale procedures, despite concerns from business partners that the process is being controlled by lenders at the expense of other stakeholders, Reuters reported. Chief U.S. Bankruptcy Judge Christopher Sontchi in Delaware signed off on the sale procedures for Eagle Hospitality Real Estate Investment Trust’s U.S. entities during a remote hearing on Tuesday afternoon, saying he had no evidence that lenders are running an insider deal. The U.S. debtors, represented by Paul Hastings, have lined up a lead bid for their assets from an affiliate of Monarch Alternative Capital LP for $470 million.
