| Portland, OR. April 21, 2003 - Shilo Inns,
headquartered in Portland, Oregon, with over 43 convenient locations throughout
the Western United States, is pleased to announce that the 27 Shilo Inns,
that sought voluntary Chapter 11 reorganization protection in March, 2002,
as a result of the adverse impact on the hospitality industry, and sluggish
economy since the September 11th, 2001 terrorist attacks, has successfully,
and officially, emerged from bankruptcy three weeks ago, March 31st, 2003.
The Plan of Reorganization will pay all creditors 100% of principal balances.
 Shilo's
Founder, Mark S. Hemstreet, along with his attorneys and Executive Management
Team, worked day and night to reach a quick, consensual Plan of Reorganization
that Mark Hemstreet describes as "bold, unique, fair, and beneficial to
unsecured creditors, as well as to the secured creditors." The Plan
achieves Shilo's initial intent to pay all creditors 100 cents on the dollar.
The Plan also permits Shilo great flexibility to deal with the challenging
hospitality market, and the current soft economy.
Mr. Hemstreet is very thankful to all of his dedicated, hard-working
Shilo staff, to Shilo's creditors, and to the thousands of loyal Shilo
customers, all of whom were instrumental in Shilo's successful 100% Plan
of Reorganization.
|
