Eagle Hospitality Trust's US units file liquidation plan, bulk of proceeds to go to bank lenders
UNITS of the beleaguered Eagle Hospitality Trust (EHT) in the US have filed for liquidation, with the trust's bank lenders set to mop up the bulk of the proceeds, court documents lodged on Oct 14 showed.
The documents said that proceeds of US$481.9 million were raised. A syndicate of lenders, led by Bank of America, will receive a guaranteed distribution in cash of US$360.2 million.
This amount represents a nearly full recovery for the lenders, who were claiming no less than US$380.5 million which was reportedly calculated as the sum of a list of items including the principal amounts, accrued pre-petition interest, pre-petition charges, swap obligations, as well as agent and professional fees.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
OpenAI inks licensing deal with People magazine publisher
Apple unveils new AI-focused chip in upgraded iPad Pro models
DBS CEO Piyush Gupta sells S$2.7 million worth of bank shares
Disney's surprise streaming entertainment profit offset by weaker TV business
Geely, Foretellix partner to jump-start self driving car development
US: Wall Street opens slightly higher on rate cut optimism