Thunderbird Resorts Inc, an international provider of branded casino and hospitality services, said that its India affiliate Daman Hospitality Private Ltd (DHPL) has received the equity component of the completion funding from Delta Corp Ltd.
As part of the India transaction, Delta Corp Ltd had the option to execute a subscription agreement to purchase 840,000 shares of Thunderbird common stock. However, Delta did not execute the final share subscription agreement by the required deadline and the option has now automatically expired.
Now that project completion fund has been received by DHPL, the management expects the hotel construction work to resume within two weeks. The completion of work is expected to happen in phases and the property is likely to see a full-fledged opening sometime in late 2011.
Also Read: Delta Corp takes control of distressed Daman Hospitality
As part of the India transaction, Delta Corp Ltd had the option to execute a subscription agreement to purchase 840,000 shares of Thunderbird common stock. However, Delta did not execute the final share subscription agreement by the required deadline and the option has now automatically expired.
Now that project completion fund has been received by DHPL, the management expects the hotel construction work to resume within two weeks. The completion of work is expected to happen in phases and the property is likely to see a full-fledged opening sometime in late 2011.
Also Read: Delta Corp takes control of distressed Daman Hospitality
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