Sri Lankan five star city hotel Galadari Hotels Limited, will seek shareholders approval to convert part of two long standing loans, to equity.
In a statement to the Colombo Stock Exchange (CSE) the Secretaries to the hotel said, Galadari Hotels owes Galadari Brothers Company (LLC) over Rs. 4.58 billion and over Rs. 500 million to the Sri Lankan government.
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Under the proposed deal, Rs. 1.23 billion of the Rs. 4.58 billion in principal and accumulated interest owed to Galadari Brothers, will be converted to equity.
Meanwhile, the total amount owed to the government, currently estimated at Rs.
500 million, will be converted to equity.
Secretaries to the hotel Central Corporate and Consultancy Service (Private) Limited’s Director N A Abeyasekera said, the total amount due to the government was under negotiation.
The government lent a total Rs. 400 million over 1997 and 1998 to foot repair bills, after a bomb attack by Tamil Tiger rebels in the vicinity, destroyed most of the hotel