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Australia's Stella Group to undergo restructuring

08/20/2009| 9:56:33 AM| 中文

Stella Group has been restructured into two separate divisions, Stella Hospitality Group and Stella Travel Services Group.

UBS has reportedly acquired a 40% stake in Stella Group by writing off approximately US$420 million of its debt as part of a recapitalisation deal.

In conjunction with the deal, Stella Group has also been restructured into two separate divisions, Stella Hospitality Group and Stella Travel Services Group, from the current single entity, Stella Group.

Stella Hospitality Group will operate its portfolio of more than 140 resorts, hotels and apartments while Stella Travel Services Group will operate as two independently managed units with one unit focusing on the United Kingdom and the other unit on Australia and New Zealand.

Stella Hospitality Group and Stella Travel Services Group will take over US$205 million and US$34 million in long-term debts, respectively, as a result of the restructuring deal.

 

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