Eagle Hospitality Trust (EHT) has assembled a special committee of directors to address issues that it is currently facing.
The committee has been set up in the face of “extreme disruption in the global hospitality industry”, said EHT.
It will oversee, amongst other items, matters relating to EHT’s strategic review, voluntary suspension, as well as the engagement and discussion with lenders.
The committee comprises independent directors, and the CEO of its manager.
EHT is negotiating for a temporary forbearance from its lenders, citing repercussions from the COVID-19 outbreak.
Units of EHT have been voluntarily suspended from trading on the Singapore Exchange (SGX) since 19 March, after a steep decline in its unit price.
“The managers are working on both short and longer-term measures to navigate this difficult period”, said EHT.
EHT listed on the SGX at an initial public offering price of USD0.78 in May 2019.
The trust has since fallen to USD0.13, just before the voluntary suspension in the trading of its units.
EHT has also suspended distribution of its dividends to unitholders till further notice.