Interstate Hotels & Resorts Receives Notice of Suspension of Trading from NYSE
2009年3月12日 - 6:14AM
PRニュース・ワイアー (英語)
ARLINGTON, Va., March 11 /PRNewswire-FirstCall/ -- Interstate
Hotels & Resorts
(NYSE:IHRNYSE:toNYSE:beNYSE:tradedNYSE:overNYSE:theNYSE:counterNYSE:underNYSE:theNYSE:tickerNYSE:symbol:
IHRI), a leading hotel real estate investor and the nation's
largest independent hotel management company, today announced that
it had received notice from the New York Stock Exchange that its
common stock, under the ticker symbol IHR, will be suspended from
trading prior to the market opening on March 12, 2009. According to
the March 5, 2009 notice from the NYSE, the suspension is occurring
because Interstate did not meet the continued listing standard
requiring maintenance of a minimum $15 million market
capitalization over a consecutive 30 trading day period. The
company had previously announced on December 2, 2008, that it had
failed to maintain the continued listing standard which requires a
$1.00 minimum average closing price over a consecutive 30 trading
day period. While the $1.00 minimum average requirement allows for
a company to have a six-month cure period, there is no such period
available for a failure to meet the minimum market capitalization
requirement. The company will seek an appeal of the delisting
determination as permitted by the NYSE though there are only
limited solutions available. The company has not yet been notified
as to the timing of the appeal process. Until the appeal is heard,
Interstate will remain listed, but will not trade, on the NYSE. The
company's senior secured credit facility agreement requires that
the company be listed on the NYSE. KPMG LLP, the company's external
auditor, has notified the Audit Committee and management that since
Interstate's potential delisting from the NYSE creates a credit
facility covenant issue, which, if not resolved, could result in
acceleration of the credit facility debt, its auditor report on the
consolidated financial statements for the year ended December 31,
2008 will include an explanatory paragraph related to the
uncertainty of the company's ability to continue as a going
concern. The company's credit facility also includes a covenant
requiring an audit opinion without exception. The company is in
active discussions with its credit facility lenders to receive a
waiver through June 30, 2009, related to the covenant requiring
listing on the NYSE as well as the covenant dealing with audit
opinions. While there can be no assurances that the company can
obtain the waiver, a waiver of these covenants only requires a 51
percent vote by the credit facility lenders. Thomas F. Hewitt, the
company's chief executive officer, stated that, "Interstate is
working quickly to resolve these technical defaults by the end of
March so that it can focus its attention on an extension of the
credit facility, which the company is working to obtain prior to
June 30, 2009." Bruce A. Riggins, chief financial officer of the
company, noted that, "These technical issues relating to our credit
facility do not impact the individual mortgage notes on our three
wholly owned hotels." As previously announced, the company will
distribute a press release and hold a conference call to discuss
its fourth-quarter and full-year results for the year ended
December 31, 2008 tomorrow, March 12th, at 10 a.m. Eastern Time.
The call will be hosted by Chief Executive Officer Thomas F. Hewitt
and Chief Financial Officer Bruce Riggins. Stockholders and other
interested parties may listen to a simultaneous webcast of the
conference call on the Internet by logging onto Interstate's Web
site, http://www.ihrco.com/, or http://www.streetevents.com/. As
notification from the NYSE was received only very recently, the
company is continuing to evaluate the disclosures to be included in
management's discussion and analysis and the consolidated financial
statements and related notes thereto to be included in its Annual
Report on Form 10-K. The company intends to file for a 15-day
extension to allow it to file its Annual Report on Form 10-K with
the Securities and Exchange Commission not later than March 31,
2009. About Interstate Hotels & Resorts Interstate Hotels &
Resorts has ownership interests in 57 hotels and resorts, including
seven wholly owned assets. Together with these properties, the
company and its affiliates manage a total of 225 hospitality
properties with more than 46,000 rooms in 37 states, the District
of Columbia, Russia, Mexico, Belgium, Canada and Ireland.
Interstate Hotels & Resorts also has contracts to manage 16 to
be built hospitality properties with approximately 4,000 rooms. For
more information about Interstate Hotels & Resorts, visit the
company's Web site: http://www.ihrco.com/. This press release
contains "forward-looking statements," within the meaning of the
Private Securities Litigation Reform Act of 1995, about Interstate
Hotels & Resorts, including those statements regarding future
operating results and the timing and composition of revenues, among
others, and statements containing words such as "expects,"
"believes" or "will," which indicate that those statements are
forward-looking. Except for historical information, the matters
discussed in this press release are forward-looking statements that
are subject to certain risks and uncertainties that could cause the
actual results to differ materially, including the volatility of
the national economy, economic conditions generally and the hotel
and real estate markets specifically, the war in Iraq,
international and geopolitical difficulties or health concerns,
governmental actions, legislative and regulatory changes,
availability of debt and equity capital, interest rates,
competition, weather conditions or natural disasters, supply and
demand for lodging facilities in our current and proposed market
areas, and the company's ability to manage integration and growth.
Additional risks are discussed in Interstate Hotels & Resorts'
filings with the Securities and Exchange Commission, including
Interstate Hotels & Resorts' annual report on Form 10-K for the
year ended December 31, 2007. Contact: Bruce Riggins Chief
Financial Officer (703) 387-3344 DATASOURCE: Interstate Hotels
& Resorts CONTACT: Bruce Riggins, Chief Financial Officer of
Interstate Hotels & Resorts, +1-703-387-3344 Web Site:
http://www.ihrco.com/
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