Thunderbird announces refinancing of Peru-related debt

Lima, Jan. 06.

Thunderbird Resorts, based in Panama City, announced that it has refinanced a portion of its of Peru-related debt as it has more than halved its total debt from $169 million at year-end 2009 to $78.8 million as of September 2011, a decrease of $90 million in just 21 months.

As previously announced, prior to refinancing, Peru-related total debt was approximately $43.0 million or 55% of total group debt.

"We are restructuring this largest piece of our global debt to enhance cash flow and fortify our balance sheet, which are keys to returning the group to a growth mode,"the company said in a statement.

Peru-related debt sits on the books of four entities which are all 100% owned by Thunderbirdm, namely Thunderbird Hoteles Las Americas (THLA), which owns the group´s two Peru hotels and Fiesta Casino Benavides (FCB), which owns the casino in our Fiesta Hotel.

The other two entities are Sun Nippon (SN) and Interstate Gaming (IS), which collectively own 3 slot parlars and 1 casino, and International Thunderbird (BVI) Ltd. (ITBVI), which used debt to capitalize THLA and FCB.

Peru-related debt is comprised of approximately 18 lenders. For months, the group has been negotiating with these lenders and hopes to announce further Peru-related debt restructurings in the near term.

The group is actively negotiating with other lenders of Peru-related debt and hopes to announce further restructurings in the near term.

As part of these negotiations, the group expects to issue between 150,000 to 250,000 shares as success-based financial advisory fees to third party advisors.

While there can be no assurances that these negotiations will be successful, Management believes that successful outcomes may enhance cash flow, fortify our balance sheet and help position the group for a return to growth.

Thunderbird is an international provider of branded casino and hospitality services, focused on markets in Asia and Latin America. It operates in Costa Rica, India, Nicaragua, Peru and Philippines. Its mission is to create extraordinary experiences for its guests.

2012-01-06

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