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EAGLE Hosp Reit US$ @$0.780 cents
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laksaman57
Supreme |
04-Mar-2021 08:58
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https://www.google.com/amp/s/www.dallasnews.com/news/politics/2021/03/02/abbott-hints-at-exciting-news-tuesday-that-could-include-rollback-of-texas-covid-19-restrictions/%3foutputType=amp
"AUSTIN ? Texans will no longer be required to wear a face mask in public, and all businesses will be able open at full capacity starting next week, Gov. Greg Abbott announced Tuesday."
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Starship
Supreme |
03-Mar-2021 12:07
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Starship
Supreme |
03-Mar-2021 12:06
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lawrence83
Senior |
03-Mar-2021 11:33
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we should not let these crooks go away easily. | ||
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laksaman57
Supreme |
03-Mar-2021 11:03
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https://hannity.com/media-room/the-great-resurrection-more-states-ease-covid-rules-cases-decline-vaccinations-rise/?utm_source=hootsuite
"THE GREAT RESURRECTION: More States Ease CoVID Rules, Cases Decline, Vaccinations Rise .." |
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prophetjul
Master |
03-Mar-2021 09:48
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Menawhile the crooks get away scott free. Including the Trustees. | ||
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lawrence83
Senior |
03-Mar-2021 09:38
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Anyone volunteer? | ||
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Azure1984
Member |
02-Mar-2021 19:18
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SIAS Announcement: EHT Unitholders Informal Steering Committee (ISC) Formation https://mailchi.mp/sias/sias-announcement-eht-unitholders-informal-steering-committee-isc-formation?e=f874da381e I received this email from SIAS, just sharing the information: 02 March 2021 EHT Unitholders Informal Steering Committee (ISC) Formation Dear EHT Unitholders / Investors, 1. Update on EHT As you would know, the EGM to appoint a new REIT manager failed. As such, due to creditor demands, the Eagle Hospitality Real Estate Investment Trust (EHT) and its subsidiaries have filed for bankruptcy in the United States under chapter 11 of the United States Bankruptcy Code. This was deemed by EHT to be necessary to preserve value for all stakeholders. BT reported that DBS Trustee, as trustee of EHT, intends to commence a marketing process to sell the hotel properties. This process does not, however, preclude the continued exploration of other restructuring alternatives. EHT has secured a one-year loan to provide it some flexibility to remain in bankruptcy for an extended period of time to allow property values to rebound assuming the COVID-19 pandemic subsides. 2. EHT unitholders&rsquo representation in EHT Chapter 11 We are exploring the possibility of having EHT unitholders represented in EHT&rsquo s bankruptcy case by an official committee. Such representation will ensure that EHT unitholders have a voice in EHT&rsquo s bankruptcy. If such an official committee is formed, the costs of such representation are paid for by EHT and not the EHT unitholder-members of the official committee. The first step towards petitioning for appointment of an official committee is for EHT unitholders to form the informal steering committee (ISC) comprising of two or more (maximum 10) unitholders. It would be ideal if these were significant holders of EHT&rsquo s equity. These unitholders would then be the petitioning shareholders for the equity committee, on behalf of all unitholders. Once the ISC is organized, the US lawyers will submit a letter to the Office for the United States Trustee (the &ldquo UST&rdquo ). The UST will then consider the request. As part of its consideration, it may solicit feedback from the Debtors and other key stakeholders in Eagle&rsquo s chapter 11 cases, including the creditors&rsquo committee and potentially EHT&rsquo s subsidiaries&rsquo secured lenders. As mentioned, we are trying our best to have unitholder representation in EHT&rsquo s chapter 11 case. There can be no assurances of success of appointment of an official committee or that EHT unitholders will receive any recovery upon conclusion of the chapter 11 cases. 3. Next steps If you would like to be considered on the ISC please reply this email with the following information: a. Name b. Email c. Mobile Number d. Size of holdings in EHT: number of units e. Proof of holdings Please note, by submitting your name for consideration, you also consent to releasing your information to the lawyers representing the ISC and other official parties like the Court, for verification purposes. Please send to [email protected] with the subject as EHT ISC Formation, by 8 March 2021, 9am. We seek your cooperation to provide all the information as requested above. There is not much time as the next Court hearing is fast approaching. If you know of any other EHT unitholders, please forward this email to them. Regards David Gerald Founder, President & CEO SIAS |
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Starship
Supreme |
02-Mar-2021 15:17
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Bank of America files motion to dismiss Chapter 11 cases of EH-Reit, certain entities TUE, MAR 02, 2021 - 11:10 AM BANK of America (BOA) has filed a motion to dismiss the Chapter 11 cases of Eagle Hospitality Real Estate Investment Trust (EH-Reit) and Eagle Hospitality Trust (EHT) Singapore entities Eagle Hospitality Trust S1 and Eagle Hospitality Trust S2. BOA is the administrative agent of EH-Reit' s US$341 million prepetition syndicated credit agreement, the trustee of EH-Reit said on Tuesday in a bourse filing. BOA' s move comes as the US bankruptcy court approves a US$100 million debtor-in-possession (DIP) term loan facility with Monarch Alternative Capital. The court approval allows entities of EHT which have filed for Chapter 11 bankruptcy in the US, including EH-Reit, to borrow up to US$100 million for use under an approved budget. This amount can be increased up to US$125 million under certain conditions. EH-Reit' s trustee said the proceeds will be used for working capital needs such as funding critical operating expenses, as well as general corporate and other purposes, including funding the costs of the Chapter 11 cases. This is to facilitate any restructuring of the Chapter 11 entities - including EH-Reit and the EHT Singapore entities, as well as provide sufficient time for any value-maximising strategies or propositions. If BOA succeeds in dismissing the bankruptcy protection cases of EH-Reit and the EHT Singapore entities, EH-Reit and the Singapore entities will not be able to access the DIP financing facility. The hearing for BOA' s motion has been scheduled for April 7, 10am New York time. Objections are due by March 22 at 4pm in the same time zone. Chapter 11 is a form of bankruptcy that involves a reorganisation of a debtor' s business affairs, debts and assets. Firms generally file under this chapter if they require time to restructure their debts. EH-Reit' s trustee said on Tuesday that it has instructed Moelis & Company - the financial adviser of the Chapter 11 entities - to commence a sale process for 15 EHT properties. These properties, together with Delta Woodbridge (DW), Hilton Houston Galleria Area (HHG) and Crowne Plaza Dallas Near Galleria-Addison, are all the properties in EHT' s portfolio owned by certain Chapter 11 entities. EH-Reit' s trustee is exploring all options available in respect of DW and HHG and their respective mortgage loans. The lender of the HHG mortgage loan had filed a foreclosure notice and sent a notice of a foreclosure sale for HHG to be held on Tuesday, in response to HHG' s master lessor' s default in payment of the debt secured by HHG. Wells Fargo, the lender of the DW mortgage loan, filed a complaint to seek an order for the foreclosure and possession of DW, among others. It also filed an application for the appointment of a rent receiver to take charge and manage DW, as well as collect and receive rent. Meanwhile, Crowne Plaza Dallas Near Galleria-Addison will be put up for auction in early April 2021. EH-Reit' s trustee also noted that the master lessor of Hilton Atlanta Northeast won a request for proposal process for the booking of about 10,870 room nights at the property from January to March 2021. The hotel has been reopened with effect from Jan 1 to accommodate the booking and will remain open until the booking concludes. EHT is a hospitality stapled group comprising EH-Reit and Eagle Hospitality Business Trust (EH-BT). The stapled group lost its manager last year following a directive from the Monetary Authority of Singapore to remove the incumbent manager Eagle Hospitality Reit Management. A proposal to appoint a new manager failed to get the necessary support from stapled securityholders at an extraordinary general meeting on Dec 30. https://www.businesstimes.com.sg/companies-markets/bank-of-america-files-motion-to-dismiss-chapter-11-cases-of-eh-reit-certain |
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prophetjul
Master |
02-Mar-2021 11:22
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https://investor.eagleht.com/news.html/id/822619 | ||
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SteadyInvest
Member |
20-Feb-2021 12:58
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what happen to this eagle reit ? too long never monitor the news. |
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RickyCheng
Member |
20-Feb-2021 09:38
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https://www.reitsweek.com/2021/02/bank-of-america-deutsche-bank-lambast-eagle-hospitality-trust-for-wasting-money.html The Bank of America and Deutsche Bank New York have come out with harsh words, and are opposing a move by Eagle Hospitality Trust (EHT) and its related entities to seek up to USD125 million in loans as part of a bankruptcy process. |
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newbie19
Supreme |
12-Feb-2021 12:40
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Happy 牛 Year to all. Wish all good health and good wealth | ||
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laksaman57
Supreme |
02-Feb-2021 10:59
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Business Times 28Jan
BELEAGUERED Eagle Hospitality Trust (EHT) has received a waiver from the Monetary Authority of Singapore (MAS) and authorisations from the United States Bankruptcy court as it moves ahead with the bankruptcy proceedings. EHT, which is a stapled trust comprising Eagle Hospitality Reit (EH-Reit) and the currently dormant Eagle Hospitality Business Trust (EH-BT), is now being managed by DBS Trustee - as EH-Reit's trustee - after a proposed change of manager fell through. DBS Trustee said in an announcement on Thursday evening that the United States Bankruptcy Court had, at a hearing on Jan 21, authorised the joint administration of the cases of all EHT entities that had filed for Chapter 11 bankruptcy in the District of Delaware. The court had also approved the debtor-in-possession (DIP) financing facility from Monarch Alternative Capital on an interim basis, allowing the EHT entities to borrow up to US$9.3 million until the next hearing on Feb 11. DBS Trustee had previously said that Monarch will extend a DIP credit facility of up to US$100 million to the Chapter 11 entities, and this facility can be increased to as much as US$125 million. The entities were also authorised by the court on an interim basis to pay critical vendors for the ongoing operations and maintenance of the hotels in its portfolio. In addition, the court appointed the chief restructuring officer of the entities to act as the foreign representative in any Singapore proceedings, and confirmed the application of the worldwide automatic stay in respect of any claims against the entities which prevents any enforcement action or the start or continuation of other legal proceedings against the entities. Documents lodged on Jan 18 cited Alan Tantleff, senior managing director at FTI, consulting as the chief restructuring officer. In Singapore, the MAS has granted EH-Reit a temporary waiver from its property funds appendix which states that its total borrowings and deferred payments should not exceed 50 per cent of its deposited property before Jan 1, 2022, and 45 per cent after that date. As at end-September 2020, EH-Reit's aggregate leverage stood at 65.5 per cent, due primarily to the most recent valuations of its properties. DBS Trustee had made an application for the waiver to MAS as the DIP financing will result in an increase in EH-Reit's aggregate leverage. The waiver will end on March 31, 2022. DBS Trustee previously said the Chapter 11 filings would allow for a stable and collective process to protect the Chapter 11 entities and their assets. Current troubles for EHT include a list of defaults, legal proceedings and employment-related claims. |
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ipolaris
Senior |
29-Jan-2021 09:52
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Try eagleht at instagram
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pirateboy
Member |
22-Jan-2021 10:34
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is there a discord or platform for this group? -------
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RickyCheng
Member |
21-Jan-2021 16:50
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Back to ? Step-1 Pay damage Step-2 Sell all hotels at zero fee and distribute special dividend Step-3 Delist EHT, like AGT after selling all properties Step-3 Suspend license for # years Step 4 - throw errant parties into jail. |
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Joelton
Supreme |
21-Jan-2021 09:58
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EHT announces Chapter 11 filing to start marketing process to sell some hotels
EAGLE Hospitality Trust (EHT) on Wednesday confirmed that 27 of the trust' s entities have filed for Chapter 11 bankruptcy in the United States in order to stay claims against its various US-based entities and provide the " necessary protection for the benefit of all stakeholders" .
The Business Times had reported Tuesday night that multiple entities within the EHT stable had filed for bankruptcy protection.
DBS Trustee, as trustee of Eagle Hospitality Real Estate Investment Trust (EH-Reit), added that the intention is to commence a marketing process to sell some hotels. This process does not, however, preclude the continued exploration of other restructuring alternatives.
EHT is a stapled group comprising EH-Reit and the dormant Eagle Hospitality Business Trust. Its stapled securities have been suspended since March 24, 2020, after EH-Reit defaulted on a loan of US$341 million.
DBS Trustee said the Chapter 11 filings would allow for a stable and collective process to protect the Chapter 11 entities and their assets.
The filings also allow the entities to obtain debtor-in-possession (DIP) financing to pay for " critical expenses to protect the value of EH-Reit' s assets and to give EH-Reit the runway to execute any potential value-maximising strategies or propositions" , it added.
The Chapter 11 entities on Jan 17 executed a commitment letter with Monarch Alternative Capital.
Monarch, which is acting on behalf of one or more advisory clients and/or related entities, will extend a DIP credit facility of up to US$100 million to the Chapter 11 entities.
This facility can be increased to as much as US$125 million.
Use of the facility is subject to the approval of the US Bankruptcy Court and is on an " as-needed basis only" , DBS Trustee said.
The facility is secured primarily by liens on 15 previously unencumbered hotels or, in the case of the Queen Mary Long Beach hotel, a lien on the proceeds of the hotel lease.
EHT lost its manager last year following a directive from the Monetary Authority of Singapore to remove the incumbent manager Eagle Hospitality Reit Management. A proposal to appoint a new manager failed to get the necessary support from stapled securityholders at an extraordinary general meeting (EGM) on Dec 30.
Following the EGM, DBS Trustee said it has " limited options" as EHT does not have sufficient resources to operate as a going concern.
Current troubles for the company include a list of defaults, legal proceedings and employment-related claims.
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ipolaris
Senior |
20-Jan-2021 17:16
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Unitholders should have agreed to all the reolutions and allowed the white knight to save EHT? Everyone is stuck now?
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Starship
Supreme |
20-Jan-2021 16:13
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