SINGAPORE (THE BUSINESS TIMES) - 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 (S$454 million) prepetition syndicated credit agreement, the trustee of EHT said on Tuesday (March 1) 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.
Three Eagle Hospitality Trust directors resign
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Proposed change of Eagle Hospitality Trust manager falls through
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The Straits Times
Uma Devi
https://str.sg/JRzp
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SINGAPORE (THE BUSINESS TIMES) - The proposed change of a manager for beleaguered Eagle Hospitality Trust (EHT) fell through on Wednesday after unitholders voted against one of the four inter-conditional resolutions tabled at an extraordinary general meeting (EGM).
SINGAPORE (THE BUSINESS TIMES) - The Monetary Authority of Singapore (MAS) confirmed on Sunday that the appeal from the shareholder of Eagle Hospitality Reit s (EH-Reit) manager regarding the directive on its removal has not been accepted.
MAS earlier direction to DBS Trustee on Nov 30 remains in effect and the trustee is required to comply with the direction, said an MAS spokesperson.
Mandarin West Holdings (MWH), the sole shareholder of EH-Reit s manager, had on Dec 10 filed an appeal to Finance Minister Heng Swee Keat against its removal.
The directive from MAS dated Nov 30 instructed the trustee of EH-Reit to remove EH-Reit s manager within one month from the date of issuance of the directive, or such longer period that MAS may approve in writing, and appoint a new manager for EH-Reit.