Motel Chain to Default: Days Inns of...
Motel Chain to Default: Days Inns of America Inc., one of the country’s largest motel chains, said it was in default on $325 million of debt. The privately held company said it was trying to restructure its debt and, in the meantime, did not anticipate making any principal or interest payments on the bonds and notes in default. The Atlanta-based company has a total debt of $744 million. The owners of Days Inns, Tollman-Hundley Lodging Corp., a New York-based partnership, bought the chain last year from Reliance Capital Group.
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