Thunderbird Resorts Inc.: Update on Panama and India
(Thomson Reuters ONE) - PANAMA, REPUBLIC OF PANAMA -- (MARKET WIRE) -- 02/02/10 -- Thunderbird ResortsInc. ("Thunderbird" or "Group") (FRANKFURT:4TR)(EURONEXT: TBIRD) reports thefollowing:PANAMAIt was reported on 18 December 2009 that the Group and Merit Gaming, LLC("Merit") had executed a letter of intent for the purchase and sale of theGroup's 63.63% ownership stake in International Thunderbird Gaming (Panama)Corporation, a Panama corporation which owns six casinos in Panama, subject tofinal due diligence being completed, the expiration of certain first rights ofrefusal, and the approval of the Gaming Control Board in Panama. Recently, theGroup was notified that a holder of a first right of refusal, Powelton Company,Inc. ("PCI") was exercising its right to match the letter of intent betweenMerit and Thunderbird. Having matched the offer, PCI will be moving forward withdue its diligence and definitive agreements. PCI is a privately held BritishVirgin Islands corporation. Thunderbird has been advised by PCI that PCIshareholders include private equity funds and a gaming operator.While there can be no assurance of closing, the parties will move forwarddiligently to close this transaction, which is subject to Panama Gaming ControlBoard approval. Thunderbird has had tremendous success in Panama for the last12 years and is very appreciative of the hard work and dedication of our valuedemployees, but this as an opportunity for the Group to repay certain Panamaniansourced debt and to improve the balance sheet of the Group.INDIAIn March 2008, the Group announced that we entered into a series of agreementswith an Indian group to form Daman Hospitality Private Limited ("DHPL") todevelop and own a luxury resort in Daman, India.The Group and its joint venture partners have invested approximately $16 millionin the project in equity contributions comprised of both cash and land value andare currently 50-50 shareholders in DPHL. The project requires approximately$13.5 million in mezzanine equity and $26 million in senior secured debt. The$13.5 million of the mezzanine equity and debentures has now been funded ofwhich $7.5 million was funded by an international private equity firm inNovember and December 2009. The Group is pleased to announce that DHPLconsummated a loan facility with a consortium of Indian banks for $26 million(based on current exchange rates) in senior secured financing that the Group andits Indian partner have guaranteed.While there remain certain customary conditions to the first funding of thisloan facility, we anticipate the first draw down to occur within the next 15days. Construction is ongoing and we anticipate completing the projectconstruction and opening for business in approximately Q3 2010.ABOUT THE COMPANYWe are an international provider of branded casino and hospitality services,focused on markets in Central and, South America, Southeast Asia and India. Ourmission is to "create extraordinary experiences for our guests". Additionalinformation about the Group is available on its World Wide Web site atwww.thunderbirdresorts.com
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Datum: 02.02.2010 - 18:24 Uhr
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