Bankruptcy looms despite infusion, major hotelier says

Ashford Hospitality Trust, owner of hotels in 27 states, has warned that it could face Chapter 11 bankruptcy, even though a recent financing deal has provided breathing room. Ashford will need “substantial additional funding” besides Oaktree Capital Management’s package of at least $200 million if it is to overcome liquidity problems caused by the pandemic, the company said in a Securities and Exchange Commission filing.