Sponsor issues notice of breaches to Eagle Hospitality Trust

Singapore

URBAN Commons (UC), the sponsor of beleaguered Eagle Hospitality Trust (EHT), on Wednesday announced that it has sent a breach notice to EHT.

It said that funds it had injected into EHT are outstanding and due for repayment.

In a media statement, UC claimed it had provided EHT with "millions of dollars in excess of the audited hotel income" to subsidise rent and other reserves paid by the hotels under the master lease agreements.

It also claimed it has a plan to provide financial support to EHT, but has been unable to implement this plan because of a lack of cooperation from EHT's trustee, the special committee negotiating w…

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