Eagle Hospitality Trust Creditors Block Bank Accounts

News about Eagle Hospitality Trust

The Business Times reports of more complications for Eagle Hospitality Trust following the notice of default served to the REIT by some of its creditors.

The syndicate of lenders for Eagle Hospitality Trust’s (EHT) US$341 million loan has restricted access to several bank accounts of Eagle Hospitality Real Estate Investment Trust’s (EH-Reit) subsidiaries and the Reit's master lessees.

This action has caught the attention of the Singapore stock exchange (SGX) and the Monetary Authority of Singapore (MAS):

The Monetary Authority of Singapore (MAS) has directed the manager of Eagle Hospitality Real Estate Investment Trust (EH-Reit) and its trustee, DBS Trustee, to take steps to protect the rights and interests of EH-Reit's unitholders.

MAS and the regulatory arm of the local bourse, Singapore Exchange Regulation (SGX RegCo), are also looking into possible breaches of relevant laws and regulations, as well as of listing rules in relation to the issues surrounding the Reit.

Eagle Hospitality Trust
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