Thunderbird Resorts Inc.: Panama Sale is Completed

Friday, 20. August 2010 08:31
Thunderbird Resorts Inc. / Thunderbird Resorts Inc.: Panama Sale is Completed processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.

PANAMA, REPUBLIC OF PANAMA--(Marketwire - August 20, 2010) - Thunderbird Resorts
Inc. ("Thunderbird" or "Group") (FRANKFURT: 4TR)(EURONEXT: TBIRD) reports the
following: Thunderbird announces that it has completed the sale of its 63.63%
stake in its six Panama casinos to the Panama based subsidiary of CODERE, S.A. a
leading gaming company engaged in the management of gaming machines, bingo
halls, casinos, racetracks and betting locations in Latin America, Spain, and
Italy.


The sale price for the shares was approximately $38.0 million for our 63.63%
stake. For financial statement reporting purposes the Group has been reporting
the results from these operations as "discontinued operations" on its
consolidated statement of comprehensive income and as "assets held for sale" on
its consolidated statement of financial position. The Group will record a gain
on the sale of stock of approximately $14.5 million in the 3rd quarter of 2010
and will report an additional gain of $4.2 million ratably over the next two
years. Certain withholding taxes due from the sale and the costs of the
transaction will be paid out of the sale proceeds. This transaction results in a
significant improvement in the Group's balance sheet through the reduction in
consolidated Group debt of approximately $46.8 million ($30.8 million used to
pay down debt and elimination from our consolidated financials of $16.0 million
of Panama operational level debt) along with a significant improvement in the
overall cash flows of the Group.



The six Panama casinos have been operated under long term property lease
arrangements, under which the Group has been unable to build its balance sheet
or obtain long term financing. Despite the Group's success in Panama, the sale
of the Panama casinos, while financially beneficial and necessary is also
consistent with the Group's strategy to develop, own and operate integrated
resorts anchored by casinos. Since there are very few international operators
targeting the investment size projects of the Group, the Group believes this
strategy provides the best balance of operating results and balance sheet
performance.



Thunderbird has had tremendous success in Panama over the past 11 years and is
very appreciative of the hard work and dedication of our valued employees.



ABOUT THE COMPANY



We are an international provider of branded casino and hospitality services,
focused on markets in Central and, South America, Southeast Asia and India. Our
mission is to "create extraordinary experiences for our guests". Additional
information about the Group is available on its World Wide Web site at
www.thunderbirdresorts.com.



Cautionary Notice: This release contains certain forward-looking statements
within the meaning of the securities laws and regulations of various
international, federal, and state jurisdictions. All statements, other than
statements of historical fact, included herein, including without limitation,
statements regarding potential revenue and future plans and objectives of the
Group are forward-looking statements that involve risk and uncertainties. There
can be no assurances that such statements will prove to be accurate and actual
results could differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ materially from the
Group's forward-looking statements include competitive pressures, unfavorable
changes in regulatory structures, and general risks associated with business,
all of which are disclosed under the heading "Risk Factors" and elsewhere in the
Group's documents filed from time-to-time with the NYSE Euronext Amsterdam and
other regulatory authorities.



Contacts:
Thunderbird Resorts Inc.
Kevin McDonald
Investor Relations
(858) 668-2503
kevin.mcdonald@thunderbirdresorts.com

Thunderbird Resorts Inc.
Michael G. Fox
Chief Financial Officer
mfox@thunderbirdresorts.com or info@thunderbirdresorts.com
www.thunderbirdresorts.com



[HUG#1439095]



--- End of Message ---

Thunderbird Resorts Inc.
Calle Alberto Navarro El Cangrejo, Apartado Panama, Republic of Panama


Listed: Open Market (Freiverkehr) in Frankfurter Wertpapierbörse;





This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
All reproduction for further distribution is prohibited.

Source: Thunderbird Resorts Inc. via Thomson Reuters ONE
Related Links: 
Author:
Hugin
Copyright GlobeNewswire, Inc. 2016. All rights reserved.
You can register yourself on the website to receive press releases directly via e-mail to your own e-mail account.