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Extended Stay Hotels Files for Chapter 11
Extended Stay Hotels filed for Chapter 11 bankruptcy protection, citing massive debt stemming from its 2007 acquisition by the Lightstone Group and a drop in business travel due to the recession.
The company's brands include Extended Stay Deluxe, Extended Stay America Efficiency Studios, Homestead Studio Suites, StudioPLUS Deluxe Studios and Crossland Economy Studios. The privately held company owns more than 680 hotels in the United States and Canada.
-- Associated Press
REGULATORS
FAA to Consider New Limit on Pilot Hours
Obama administration officials said they will propose new limits on how many hours airline pilots can fly in an effort to curb pilot fatigue, an issue safety officials have been urging action on for two decades.
Randy Babbitt, head of the Federal Aviation Administration, said he will propose the new rule in the next several months. Babbitt said the issue is complicated because a pilot flying fewer hours with more takeoffs and landings will likely experience more fatigue than a pilot on a longer flight with just one takeoff and one landing.
FAA rules generally limit pilots to no more than 16 hours on duty and eight hours of scheduled flight time. Pilots must also have eight hours off between shifts.
-- Associated Press
BANKING
Lending Declines At Bailed-Out Banks
The value of loans held by the 21 largest financial institutions getting support from the government's $700 billion bailout fund fell in April, the fifth decline in six months, the Treasury Department reported. Average loan balances at the institutions totaled $4.34 trillion in April, down 0.8 percent from March. Consumer lending -- including total outstanding loans in first-lien mortgages, home-equity lines of credit and credit card loans -- dropped 1 percent in April.
-- Associated Press
