Thunderbird Resorts Inc.: Sales Report for July 2009 Guatemala and
Corporate Liquidity Update
(Thomson Reuters ONE) - Thunderbird Resorts Inc.: Sales Report for July 2009 Guatemala andCorporate Liquidity UpdatePANAMA, REPUBLIC OF PANAMA -- (MARKET WIRE) -- 08/05/09 --Thunderbird Resorts Inc. ("Thunderbird" or "Group") (FRANKFURT:4TR)(EURONEXT: TBIRD) reports the following sales for July 2009 alongwith an update on the Guatemala operation and corporateliquidity:-------------------------------------------------------------Thunderbird Resorts Inc. -Group-wide sales results by country(unaudited) (in thousands) July 2009-------------------------------------------------------------Panama $ 5,072-------------------------------------------------------------Costa Rica (1) 1,324-------------------------------------------------------------Nicaragua 1,056-------------------------------------------------------------Guatemala 393-------------------------------------------------------------Philippines 3,900-------------------------------------------------------------Poland 269-------------------------------------------------------------Peru Gaming 1,880-------------------------------------------------------------Peru Hotel 1,109-------------------------------------------------------------Total net gaming wins and other sales $ 15,003-------------------------------------------------------------(1) During the third quarter of 2008, the Group acquired a controlling interest in the entity that holds the Fiesta Casino Holiday Inn Express (formerly Garden Court) operation, and as a result began consolidating that operation at 100 percent beginning 1 September 2008. The balance of the Costa Rican operation is a joint venture of the Group and its results of operations are proportionally consolidated into the Group's financial statements, therefore the table above represents the Group's 50 percent share in all the operations other than the Holiday Inn Express property which is reported at 100 percent. The Group owns controlling interest in all other countries and accordingly sales are reported at 100 percent. For details of Group ownership at the country level please refer to the Group's Annual Report 2008.Guatemala UpdateIn July 2009, Thunderbird reported the voluntary closure of the GranPlaza property in Guatemala City due to numerous factors includingcontinuing underperformance caused by decreased customer visitationresulting from a degradation of security in the area surrounding theproperty. On 3 August 2009, Thunderbird's two remaining properties,Fiesta Intercontinental Guatemala and Video Suerte Mazatenango, wereordered closed under the authority of a Guatemalan federal legalproceeding in Guatemala City. Thunderbird's Guatemalan lawyers arereviewing the basis of the closure and assessing a course of actionto re-open the facilities. Thunderbird has been operating legally inGuatemala since 1997 and we intend to vigorously defend our legalrights. These two facilities represent approximately 5.1 percent ofthe Group's gaming positions worldwide and only approximately 2.3percent of our total sales. Due to these recent events, the Group hasbeen working with various lenders to our Guatemala operations toextend repayment terms while we seek to re-open the two locations.Capital resources and liquidityAs previously reported, in response to the effects of the worldwideeconomic slowdown and in light of our high short term principal debtpayments, the Group continues to renegotiate payment terms withcertain of our lenders to extend amortization periods. While therecan be no assurances that we will reach accommodations with all ofour lenders, during April, May and June of 2009, the Group negotiateda deferment of principal debt payments with more than 25 privatelenders who held over 50 separate loans. This set of deferredprincipal payments totals approximately $6.3 million on approximately$24.0 million of aggregate principal amount of loans. These principalpayments were deferred for approximately 12 months from the date ofdeferral. The Group also recently obtained six month extensions onthe maturity dates for $4 million in debt that matured during July2009. In addition, effective 1 August 2009 the Group's Board ofDirectors and senior executives elected to defer monthly Board feesand 20 percent of executive salaries until the Group's cash flow isstabilized. The Group will provide a complete business update in thehalf-yearly financial report 2009 which will be filed by 27 August2009.ABOUT THE COMPANYThunderbird Resorts Inc. is an international provider of brandedcasino and hospitality services, focused on markets in Central and,South America, Southeast Asia and India. Our mission is to "createextraordinary experiences for our guests." Additional informationabout the Group is available on its World Wide Web site atwww.thunderbirdresorts.com.Cautionary Notice: This release contains certain forward-lookingstatements within the meaning of the securities laws and regulationsof various international, federal, and state jurisdictions. Allstatements, other than statements of historical fact, includedherein, including without limitation, statements regarding potentialrevenue and future plans and objectives of the Group areforward-looking statements that involve risk and uncertainties. Therecan be no assurances that such statements will prove to be accurateand actual results could differ materially from those anticipated insuch statements. Important factors that could cause actual results todiffer materially from the Group's forward-looking statements includecompetitive pressures, unfavorable changes in regulatory structures,and general risks associated with business, all of which aredisclosed under the heading "Risk Factors" and elsewhere in theGroup's documents filed from time-to-time with the NYSE EuronextAmsterdam and other regulatory authorities.Contacts:Thunderbird Resorts Inc.Kevin McDonaldInvestor Relations(858) 668-2503kevin.mcdonald(at)thunderbirdresorts.comThunderbird Resorts Inc.Michael G. FoxChief Financial Officermfox(at)thunderbirdresorts.com / info(at)thunderbirdresorts.comwww.thunderbirdresorts.comThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 06.08.2009 - 05:49 Uhr
Sprache: Deutsch
News-ID 4394
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Corporate Liquidity Update"
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