Philippines Update Preliminary Injunction Granted-Protecting Rights to Operate
(Thomson Reuters ONE) -
Thunderbird Resorts Inc. /
Philippines Update Preliminary Injunction Granted-Protecting Rights to Operate
. Processed and transmitted by Thomson Reuters ONE.
The issuer is solely responsible for the content of this announcement.
PANAMA, REPUBLIC OF PANAMA--(Marketwire - June 23, 2011) - Thunderbird Resorts
Inc. ("Thunderbird" or "Group") (FRANKFURT: 4TR)(EURONEXT: TBIRD) previously
announced that its affiliates in the Philippines, Eastbay Resorts, Inc. ("ERI")
and Thunderbird Pilipinas Hotels and Resorts, Inc. ("TPHR") filed lawsuits
against the Philippine Amusement & Gaming Corporation ("PAGCOR"). 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 Authority to Operate ("ATOs") 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. Upon
presentation of the ERI and TPHR lawsuits, the Court granted 20-day temporary
restraining orders ("TROs") enjoining PAGCOR from initiating the threatened
cessation proceedings. The Group is pleased to announce that on 23 June 2011,
the Philippine Regional Trial Court issued a "Writ of Preliminary Prohibitory
Injunction" directing PAGCOR to cease and desist from initiating and completing
cessation or other similar proceedings against TPHR's and ERI's business
operations. This order protecting ERI and TPHR rights to operate shall remain in
full force and effect indefinitely unless modified by the court. ERI and TPHR
will continue with this litigation seeking specific performance from PAGCOR to
respect the original terms and conditions of their respective ATOs. The trial
date has not yet been set by the Court.
The Group reiterates that we take seriously our responsibilities to our
employees, to the communities where we operate, and to the provincial economies
of those communities. Currently, we employ over 1,300 people, providing good
wages and benefits. We continuously support the Provinces of Rizal and La Union
through various community activities. Our facilities also support over 1,700
local vendors, spending with them over PHP 5.2 billion in the past 6 years. We
have spent over PHP 27 million on various social responsibility initiatives.
These include monthly medical missions where we distribute medical care to the
local areas in Rizal and Poro Point to over 10,000 constituents, an adopted
school program affecting over 3,500 students in 2010, typhoon relief programs
and donations to various other charities. In order to protect our employees and
our businesses, ERI and TPHR had no choice but to seek the protection of the
courts.
ABOUT THE COMPANY
We are an international provider of branded casino and hospitality services,
focused on markets in Central America, 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 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#1525547]
Unternehmensinformation / Kurzprofil:
Datum: 23.06.2011 - 10:36 Uhr
Sprache: Deutsch
News-ID 55810
Anzahl Zeichen: 5673
contact information:
Town:
El Cangrejo, Apartado
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 147 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Philippines Update Preliminary Injunction Granted-Protecting Rights to Operate"
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).
