ATLANTA— Hotel owner and developer Lodgian may make its way out of bankruptcy as soon as Nov. 15, provided the company’s previously announced reorganization garners court approval. “We have a hearing set for Nov. 5. If the judge approves our reorganization plan, we’ll probably exit out of Chapter 11 effective November 15,’ said David Hawthorne, president/CEO of the company. “This is my second time with the company,” Hawthorne admitted, noting he took Lodgian out of bankruptcy back in 1992 then left the company in 1996. “I came back a year ago.” The reorganization, which in short, “takes debt and turns it into stock,” is currently by voted on by the companys creditors and votes are being tabulated “as we speak,” he stated. “Since the plan has already been endorsed by our company and the creditor committee, it would be highly unusual for it not be voted on as a ‘yes,’” he explained. The company, which owns 111 hotels totaling 20,342 guestrooms, filed for Chapter 11 on Dec. 21, 2001. Provided the reorganization takes effect mid-November as planned, “we’ll continue with the renovation of our properties and get back into the acquisition and development of hotels,” Hawthorne concluded. —Diana M. Rodriguez
