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Banyan Tree in Bahrain management agreement dispute
3/11/2010 11:20:00 AM
The Board of Directors of Banyan Tree Holding Limited (BTHR) has filed a winding-up petition against the owners of its Bahrain property, following an alleged non-payment of more than US $1 million.
The Singapore-based hotel management company has alleged that Al Areen Holding Company, which is the owner of Banyan Tree Bahrain, owed $1,122, 000 as per the Hotel Management Agreement dated march 19, 2005 (HMA) and Settlement Agreement dated November 17, 2009 between Al Areen and BTHR.
The winding-up proceedings may be completed this year or in a subsequent year.
In a statement, BTHR said if it was successful in the winding-up proceedings, the HMA would be terminated as a consequence.
However, if it is not successful in recovering any amounts from the winding-up proceedings, the net tangible assets and earnings per share of BTH will be reduced by S$0.0015.
It said the company would, where necessary, announce any further material development relating to its claim against Al Areen and the winding-up proceedings.
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