| 10 Mar 2010 |
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Dispute Regarding Bahrain Management Agreement
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Dubai, United Arab Emirates, 10 March 2010 - The Board of Directors of Banyan Tree Holding Limited ('BTH' or 'Company' ) wishes to announce its wholly- owned subsidiary, Banyan Tree Hotels& Resorts Pte. Ltd. ('BTHR') has filed a petition in the Kingdom of Bahrain to wind-up Al AreenAl Areen
Desert Spa and Resorts Holding Company B.S.C. (closed) now known as Al Areen Holding Co. B.S.CAl Areen Holding Co. B.S.C. (closed) ('Al AreenAl Areen'), which is the owner of Banyan Tree BahrainBanyan Tree Bahrain, for an outstanding debt of $1,122, 000 that Al AreenAl Areen failed to pay BTHR pursuant to the Hotel Management Agreement dated march 19, 2005 (HMA) and Settlement Agreement dated November 17, 2009 between Al AreenAl Areen and BTHR.The winding-up proceedings may be completed this year or in a subsequent year. BTHR may be successful in the winding-up proceedings but may not be successful in recovering any amounts from it. If BTHR is successful in the winding-up proceedings, the HMA will be terminated as a consequence. . If BTHR 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.
and the winding-up proceedings.- Ends -
About Banyan Tree Hotels and Resorts
The leading international operator in the boutique resort, residences and spa industry, Banyan Tree offers a signature blend of romance and travel with a green conscience. The philosophy behind the hotels, resorts, residences, spas, retail galleries and destination club is based on rejuvenation of the body, mind and soul - a Sanctuary for the Senses. Angsana Hotels and Resorts is the ideal complement to Banyan Tree, comprising contemporary, chic and ecologically sensitive retreats. Based in areas of outstanding natural beauty and exciting city hubs, Angsana hotels, resorts, residences, spas and retail galleries reflect the spirit and communities of its environment.
To date, the Banyan Tree Group manages and/or has ownership interests in over 20 resorts and hotels, over 60 spas, in excess of 60 retail galleries; as well as two golf courses.
© Press Release 2010
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