Update on Thunderbird-Peru
(Thomson Reuters ONE) -
Thunderbird Resorts Inc. /
Update on Thunderbird-Peru
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PANAMA, REPUBLIC OF PANAMA--(Marketwire - March 27, 2011) - Thunderbird Resorts
Inc. ("Thunderbird" or "Group") (FRANKFURT: 4TR)(EURONEXT: TBIRD) reports the
following: As previously reported in Q4-2009, in order to reduce the Group's
investment and related debt in "non-gaming" assets, the Group began to actively
engage in selling four of our six Lima, Peru Thunderbird Hotels held by
Thunderbird Hoteles Las Americas, S.A. ("THLA") that have no casino component.
On 24 February 2010, the Group sold the Thunderbird Hotel Pardo for $8.4
million. On 16 November 2010 the Group sold the Hotel Carrera for $5.3 million.
The net proceeds of each of the sales were used to pay down secured Peruvian
sourced debt. THLA has now entered into a contract to sell the Thunderbird Hotel
Principal (151 rooms) and the Thunderbird Bellavista Hotel (45 rooms) for $18.0
million. While there can be no assurances of closing, the Group has received a
material deposit, and we expect to close the transaction during Q2-2011. The
Group will continue to manage these hotels for a short transition period. The
net proceeds from the sale will be used to pay down Peruvian related debt. The
Group will continue to own the Thunderbird Hotels El Pueblo Hotel (235 rooms)
and the Thunderbird Fiesta Hotel and Casino (66 rooms), which hotel houses our
flagship Fiesta Casino with 427 slots and 208 table positions. The Group also
continues to manage the Pardo (64 rooms) and Carrera hotels (99 rooms) under a
fee based management contract for the current owners.
ABOUT THE COMPANY
We are an international provider of branded casino and hospitality services,
focused on markets in Central and, South America, Southeast Asia and India. Our
mission is to "create extraordinary experiences for our guests." Additional
information about the Group is available on its World Wide Web site
atwww.thunderbirdresorts.com.
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
kevin.mcdonald(at)thunderbirdresorts.com
Thunderbird Resorts Inc.
Peter LeSar
Interim Chief Financial Officer
plesar(at)thunderbirdresorts.com
Thunderbird Resorts Inc.
info(at)thunderbirdresorts.com
www.thunderbirdresorts.com
--- End of Message ---
Thunderbird Resorts Inc.
Calle Alberto Navarro El Cangrejo, Apartado Panama, Republic of Panama
Listed: Open Market (Freiverkehr) in Frankfurter Wertpapierbörse;
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originality of the information contained therein.
Source: Thunderbird Resorts Inc. via Thomson Reuters ONE
[HUG#1500846]
Unternehmensinformation / Kurzprofil:
Datum: 28.03.2011 - 13:45 Uhr
Sprache: Deutsch
News-ID 52863
Anzahl Zeichen: 4599
contact information:
Town:
El Cangrejo, Apartado
Kategorie:
Business News
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"Update on Thunderbird-Peru"
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