IFEC seeks end to hotel subsidiary’s rehab plan
INTER FAR East Energy Corporation (IFEC) will today tender a request to the Central Bankruptcy Court to take its wholly owned subsidiary Dhara Dhevi Hotel Group out of its rehabilitation plan after a Bt300-million debt repayment to its creditor.
On Monday, IFEC informed the Stock Exchange of Thailand that it had repaid the Bt300-million debt to Dhara Dhevi’s remaining creditor, Global One Asset Management Co. After the repayment, it now has outstanding debt of Bt650 million due by the end of the year.
“Dhara Dhevi Hotel Group leaving the rehabilitation plan is worthwhile,” said Sittichai Phonsapanan, chief executive officer and vice president of IFEC.
After quitting the rehabilitation, Dhara Dhevi is expected to provide returns to its shareholders instantly, recording millions of baht in gain from the debt restructuring in the second quarter of this year.
Land sale
In the third quarter, IFEC will sell a 40-rai (6.4-hectare) plot of land worth Bt625 million to a joint venture to develop a Bt5-billion luxury project and 14 residences and villas under the Dhara Dhevi Hotel Project worth Bt760 million for a total of Bt1.385 billion.
The hotel is on a 155-rai plot only a 15-minute drive from Chiang Mai airport.
Last year, IFEC spent about Bt2.5 billion to purchase a 100-per-cent stake in Dhara Dhevi Hotel Group. The group’s debts declined from Bt5 billion to Bt2 billion within six months.
Dhara Dhevi Hotel Group will be operated as planned by IFEC, being a holding company to expand the Dhara Dhevi’s businesses including hotels, food and beverages, joint luxury project development, asset management, spas and management of its hotel brand.
This year is estimated to see Bt100 million in profit from the hotel business.
