Eagle Hospitality's hotel managers issue default notices to sponsor; FTI hired for restructuring
Wells Fargo issues notice of default, demand for payment of loan in relation to US$35m mortgage
Add BT as a preferred source
Fiona Lam
Singapore
THE managers of Eagle Hospitality Trust (EHT) on Friday disclosed that the master lessees for 16 of its 18 hotels have received notices of default from the relevant hotel managers under their hotel management agreements (HMAs).
This was because the master lessees - under EHT's sponsor Urban Commons - did not provide and/or maintain sufficient working capital for the hotels' operations. There were also additional defaults resulting from their failure to pay management fees and/or to make funds available to pay hotel operating expenses.
TRENDING NOW
Not retirement, but a rewiring and fresh perspectives post-DBS, says Piyush Gupta
On the board but frozen out: The Taib family feud tearing Sarawak construction giant apart
Hong Kong’s bad-debt bankers ramp up fire sales, liquidations as city’s distressed loan ratio hit a high
Power of payouts: A big chunk of the STI has just gone ex-dividend. What’s next?
