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.
The Straits Times
Kelly Ng
https://str.sg/JREG
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SINGAPORE (THE BUSINESS TIMES) - Eagle Hospitality Trust (EHT) has rejected allegations by a lender, Lodging USA Lendco, and its affiliated entity Claydon Hill Investments, that EHT had falsely disclosed in a circular that Lendco had not demanded payment for an US$89 million unsecured loan.