The company’s announcement does not represent any changes or amendment to its 2008 financial statements or to its Form 10-K which was filed with the Securities and Exchange Commission on March 13, 2009.
As disclosed in the Form 10-K, the audit report raised substantial doubt about the company’s ability to continue as a going concern because approximately $128 million of the company’s mortgage debt is scheduled to mature in July 2009.
To address the pending maturities, the company is also pursuing opportunities to refinance the maturing mortgage debt or to acquire new mortgage debt using currently unencumbered properties.
This mortgage debt cannot be extended without the approval of the loan servicers, which extension has been requested but not yet granted.
To address the pending maturities, the company is also pursuing opportunities to refinance the maturing mortgage debt or to acquire new mortgage debt using currently unencumbered properties.
However, in light of the current state of credit markets generally and the real estate credit markets specifically, the company cannot currently predict the outcome of these efforts.
CONTACTS;
Julie Tullbane, Daly Gray Public Relations, T 703-435-6293, F 703-435-6297, julie@dalygray.com
Debi Ethridge, Vice President, Finance & Investor Relations, (404) 365-2719 dethridge@lodgian.com
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