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American Leisure secures additional credit facilities

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    Date: Wednesday 20 Aug 2008

    LONDON (ShareCast) - Vacation resort company American Leisure has secured up to $40m of new additional credit facilities and is in talks about further construction loan facilities.

    The firm, which received a commitment from Stanford to provide new credit facilities of $17.5m in June, said today that Kennedy Funding Inc is in for $40m.

    AL will use the facility to fund working capital and facilitate completion of its first resort unit sales and completion of the first phase of amenities.

    “The company is currently in discussion with a number of parties to secure further construction loan facilities to enable the build out of the next phase of resort units,” it said.

    Completion of the work with its auditors to finalise its financial statements and annual report for the period ended 31 December 2007 is near.

    “The market conditions in which we find ourselves are extremely challenging and we continue to reassess ALG's rollout strategy, management and its cost base in the face of the severe liquidity constraints in the marketplace in which we are now operating,” said non executive chairman David Mace.

    “However, the board remains confident in the attractiveness of ALG's proposition.”

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