Hi guys, Welcome to the Advanced Video Search Engine, and you are watching Sunborn Gibraltar defaults on bond interest payment due to liquidity and cashflow.. That video is uploaded by GBC News at 2024-06-27T10:50:19-07:00. We are promoting this video only for entertainment and educational purpose only. So, I hope you like & enjoy it. [1PrVkHIXrBk]
| Name | Sunborn Gibraltar defaults on bond interest payment due to liquidity and cashflow. |
| Video Uploader | Video From GBC News |
| Upload Date | This Video Uploaded At 27-06-2024 17:50:19 |
| Video Discription | Sunborn Gibraltar has defaulted on an interest payment on a bond worth up to 60 million euros, due to its liquidity position and cashflow. The money was due on the 5th of June. Sunborn Limited states the interest owed will be paid soon while it continues with a strategic overview and discussions with bondholders to agree waivers and identify viable solutions to re-finance the bonds. It adds the agent has refrained from taking any actions, as it awaits payment of the pending interest and the outcome of the negotiations. The company says it has been open about the breaches to the loan’s terms and conditions in press releases, quarterly reports and compliance certificates. Earlier this month, Sunborn management acknowledged various key issues affecting the hotel’s profitability, including competition from mid-scale hotels and the growing short-let market, through platforms such as Airbnb. It also pointed to a drop in flights; the number of airline passengers arriving in Gibraltar was down in the first quarter of this year and remains below pre-pandemic levels. However, the hotel sought to dispel any rumours, saying it had no plans to sell up or leave the Rock. The floating hotel arrived on the Rock in 2013 and enjoyed a loan of 30 million pounds from Credit Finance Company Limited, a company owned by the Gibraltar Savings Bank. This loan was repaid in 2017. 1PrVkHIXrBk |
| Category | Film & Animation |
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