Thunderbird Resorts Inc.: Philippines Update
(Thomson Reuters ONE) -
Thunderbird Resorts Inc. /
Thunderbird Resorts Inc.: Philippines Update
. Processed and transmitted by Thomson Reuters ONE.
The issuer is solely responsible for the content of this announcement.
PANAMA, REPUBLIC OF PANAMA--(Marketwire - June 3, 2011) - Thunderbird Resorts
Inc. ("Thunderbird" or "Group") (FRANKFURT: 4TR)(EURONEXT: TBIRD) announces that
on 3 June 2011, Thunderbird's affiliates in the Philippines, Eastbay Resorts,
Inc. ("ERI") and Thunderbird Pilipinas Hotels and Resorts, Inc. ("TPHR"), filed
lawsuits in the Regional Trial Court, National Capital Judicial Region, City of
Manila, Republic of the Philippines, against the Philippine Amusement & Gaming
Corporation ("PAGCOR"). The lawsuits assert that PAGCOR is in breach of its
contracts with ERI and TPHR, which are each in the form of an Authority to
Operate ("ATO"). The lawsuits were filed in response to notifications by PAGCOR
that it "would initiate cessation proceedings" unless by 3 June 2011 ERI and
TPHR provided "written unconditional acceptance" of onerous new terms proposed
by PAGCOR. The ATOs do not grant the right to PAGCOR to unilaterally impose new
conditions and to threaten termination on this basis. The lawsuits seek both
monetary damages and to cause PAGCOR to formally renew the ATOs to be co-
terminus with the charter of PAGCOR, or until 11 July 2033, as provided for in
the existing ATOs and related letter agreements. Upon presentation of the ERI
and TPHR lawsuits, the Court granted 72-hour temporary restraining orders
("TROs") enjoining PAGCOR from initiating the threatened cessation proceedings.
The Court also scheduled hearings for 6 June 2011during which ERI and TPHR will
seek preliminary injunctions to extend the TROs for an additional 20 days.
ABOUT THE COMPANY
We are an international provider of branded casino and hospitality services,
focused on markets in Central America, South America, Southeast Asia, India and
Eastern Europe. Our mission is to "create extraordinary experiences for our
guests." Additional information about the Group is available on its website at
www.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
Chief Financial Officer
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;
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Thunderbird Resorts Inc. via Thomson Reuters ONE
[HUG#1521413]
Unternehmensinformation / Kurzprofil:
Datum: 06.06.2011 - 13:20 Uhr
Sprache: Deutsch
News-ID 55324
Anzahl Zeichen: 4583
contact information:
Town:
El Cangrejo, Apartado
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 221 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Thunderbird Resorts Inc.: Philippines Update"
steht unter der journalistisch-redaktionellen Verantwortung von
Thunderbird Resorts Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
