London Savoy Hotel Sees Risk Of Loan Violations

We all know how well Bears fans travel, and the last time the team made the trip, there certainly was no shortage of supporters in the stands at Wembley and walking the streets of London during the week leading up to the game. Besides that, for colleague Jeff Dickerson and I, the trip was an absolute blast. On the night before the game, I attended a “tweetup” with several local NFL fans (I even met a Jaguars fan) who knew tons about the game and love it just as much as we do. On the day of the game, I met a Bears fan who had hopped a train from Edinburgh, Scotland, for the six-hour ride to London to watch the game. A Bears fan for more than 20 years, he actually named his daughter Devin after kick returner Devin Hester. I wrote about him while trying to set the scene for what turned out to be an exciting day. His story was just one in seemingly dozens of interesting ones that Id definitely like to experience again. Lets get into some links. — Doug Padilla writes about Brandon Marshalls plan to wear green shoes against the Giants on Thursday night, a move the receiver knows will draw a fine for violating the NFLs uniform policy. — Giants running back David Wilson has been ruled out for Thursdays game, writes colleague Dan Graziano. Veteran Brandon Jacobs will start in Wilsons place.

If the financial projections arent met, loans to the company could become repayable on demand. The Breezeroad directors said they dont think a covenant breach would have a detrimental impact on the groups ability to operate, according to the filing. Costs could be cut to avoid breaching loan terms or talks with lenders and shareholders could be held to resolve any loan violations, the directors said. The hotel had a pretax loss of 53.5 million pounds ($85 million) in 2012, an 8 percent increase from a year earlier, according to the filing to Companies House describing last years results. Revenue rose about 3.5 percent to 58.5 million pounds last year. Prince Alwaleed Kingdom Holding Co. (KINGDOM) , an investment company controlled by Saudi billionaire Prince Alwaleed Bin Talal , and a unit of Lloyds Banking Group Plc (LLOY) , each own half of the Savoy, according to a statement in April, when the hotels debt was refinanced. At that time, the London hotel was valued at more than 600 million pounds. Kingdom is supporting this asset and has a plan with Lloyds for the hotel, Charles Henry, a spokesman for the Riyadh-based company, said by telephone. Lloyds spokesman Emile Abu-Shakra said the bank remains fully supportive of the management and this iconic hotel. We are confident that the business will continue to trade profitably and that it will be able to meet all creditor payments as they fall due, he said by e-mail. Lloyds is also one of the hotels lenders, he said. Credit Agricole SA (ACA) and DekaBank Deutsche Girozentrale have also provided loans to the Savoy, according to Aprils statement.