Thunderbird Resorts Inc.: Favorable First Steps in Refinancing Peru-Related Debt
(firmenpresse) - PANAMA, REPUBLIC OF PANAMA -- (Marketwire) -- 12/29/11 -- Thunderbird Resorts Inc. ("Thunderbird" or "Group") (FRANKFURT: 4TR)(EURONEXT: TBIRD) is pleased to announce that it has refinanced a portion of its of Peru-related debt. As previously announced, the Group has more than halved its total debt from $169 million at year-end 2009 to $78.8 million as of September 2011, a decrease of $90 million in just 21 months.
Prior to refinancing, as described below, Peru-related total debt was approximately $43.0 million or 55% of total Group debt. We are restructuring this largest piece of our global debt to enhance cash flow and fortify our balance sheet, which are keys to returning the Group to a growth mode.
Peru-related debt sits on the books of the following entities, all 100% owned by Thunderbird:
Peru-related debt prior to refinancing was structured as follows (as of November 2011):
Peru-related debt is comprised of approximately 18 lenders. For months, the Group has been negotiating with these lenders and hopes to announce further Peru-related debt restructurings in the near term. We are pleased to announce the two restructurings as follows:
1. Restructured Lender Group 1: 8 Sweep Debt holders have jointly agreed to the following:
The Group may require early conversion based on the same pricing formulas described above. Under this refinancing, Lender Group 1 terminates its portion of the Profit Share.
2. Restructured Lender Group 2: A single Sweep Debt holder, which is a Latin American bank, has agreed to refinance $5.0 million of Sweep Debt balance and approximately $1.2 million of Accrued Interest in a new note with the following conditions:
Lender Group 2 and THLA entered into this agreement to provide a bridge period under which this bank and THLA are jointly working to restructure the Senior Debt in ways favorable to THLA. Negotiations are ongoing and the Group hopes to make further announcements in the near term, although there can be no assurances that refinancing of the Senior Debt will be successful. Management believes these two transactions benefit the Group in key ways:
The Group is actively negotiating with other lenders of Peru-related debt and hopes to announce further restructurings in the near term. As part of these negotiations, the Group expects to issue between 150,000 to 250,000 shares as success-based financial advisory fees to third party advisors. While there can be no assurances that these negotiations will be successful, Management believes that successful outcomes may enhance cash flow, fortify our balance sheet and help position the Group for a return to growth.
Officer Resignation: The Group announces the resignation of Raul Sueiro, effective 31 December 2011. Management has been fortunate to have Mr. Sueiro as an officer and/or employee for over 13 years, most recently as country manager for the Philippines. Mr. Sueiro is leaving Thunderbird for personal reasons and we wish him all the best.
ABOUT THE COMPANY
We are an international provider of branded casino and hospitality services, focused on markets in Asia and Latin America. Our mission is to "create extraordinary experiences for our guests". Additional information about the Group is available at .
Cautionary Notice: This release contains certain forward-looking statements within the meaning of the securities laws and regulations of various international, federal, and state jurisdictions. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential revenue and future plans and objectives of the Group are forward-looking statements that involve risk and uncertainties. There can be no assurances that such statements will prove to be accurate and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Group's forward-looking statements include competitive pressures, unfavorable changes in regulatory structures, and general risks associated with business, all of which are disclosed under the heading "Risk Factors" and elsewhere in the Group's documents filed from time-to-time with the NYSE Euronext Amsterdam and other regulatory authorities.
Contacts:
Thunderbird Resorts Inc.
Kevin McDonald
Investor Relations
(858) 668-2503
Thunderbird Resorts Inc.
Peter LeSar
Chief Financial Officer
(507) 223-1234
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Datum: 29.12.2011 - 19:01 Uhr
Sprache: Deutsch
News-ID 100211
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PANAMA, REPUBLIC OF PANAMA
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Recreation
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