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Winnipeg, MB, November 26, 2021 /CNW/-Lakeview Hotel Investment Company (“LHIC”) is pleased to report its financial results for the quarter ended June 30, 2021. The following comments on financial performance should be consistent with June 30, 2021 Financial statements and management discussion and analysis provided on the SEDAR website www.sedar.com.
Due to the reduction in leisure and business travel and economic activities, the Covid-19 pandemic continues to adversely affect the company’s operations. Compared with the same period in 2020, hotel revenue and operating performance improved in the second quarter. However, we expect below-normal performance to continue for several quarters, until population vaccinations and leisure and business travel become more normalized.
As disclosed in the previous press release, Lakeview Hotel Investment Corp. ["LHIC"] Signed a date for November 9, 2021 The buyer has agreed to acquire all issued ordinary shares of Lakeview, and has agreed to acquire all unissued Series C bonds and all Series D bonds of Lakeview, in which all accrued and unpaid interest is exempted, settled and not paid by the bondholders. Extinguished with consideration; and agreed to pay approximately to LHIC or for the benefit of LHIC 15,000,000 USD LHIC pays and settles all monies owed by LHIC to the loan syndicate led by ATB Financial and pays certain fees related to the transaction.
The completion of the transaction depends on the approval of shareholders and bondholders and the approval of the court.
The following is a comparison of operating performance as of three months and six months June 30, 2021 Compared with the operating performance of the comparable period in 2020:
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End of three months June 30, |
End of six months June 30, |
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2021 |
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The full story can be found on Benzinga.com
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