March 24, 2020 / 3:03 PM / 7 days ago

BRIEF-Whitbread Says Closures Could Lead To Technical Default Under Banking Arrangement

March 24 (Reuters) - Whitbread PLC:

* WHITBREAD PLC - COVID-19 UPDATE

* WHITBREAD - WHITBREAD’S FINANCIAL PERFORMANCE FOR YEAR ENDED 27 FEBRUARY 2020 IS EXPECTED TO BE IN-LINE WITH EXPECTATIONS

* WHITBREAD - TRADING IN PERIOD SUBSEQUENT TO YEAR-END HAS BEEN MATERIALLY ADVERSELY IMPACTED BY COVID-19.

* WHITBREAD - HAS DECIDED NOT TO DECLARE A DIVIDEND FOR FULL YEAR FY20.

* WHITBREAD - IN DISCUSSIONS WITH UK GOVERNMENT REGARDING USE OF SOME HOTELS, IN LOCATIONS NEAR HOSPITALS, TO SUPPORT FRONT-LINE KEY WORKERS.

* WHITBREAD - PLANNING TO PLACE A SIGNIFICANT NUMBER OF OUR SITE TEAMS ON A TEMPORARY FURLOUGH

* WHITBREAD - ALL EMPLOYEES REMAIN ON FULL PAY

* WHITBREAD - REPAIRS AND MAINTENANCE CAPITAL EXPENDITURE HAS BEEN REDUCED TO A MINIMUM

* WHITBREAD - WORKING THROUGH DETAILS OF RECENTLY ANNOUNCED GOVERNMENT SUPPORT PACKAGE, WHICH SHOULD PAY UP TO 80% OF SALARIES OF THOSE FURLOUGHED EMPLOYEES

* WHITBREAD - POSSIBLE THAT HOTELS, RESTAURANTS CLOSURE MAY AMOUNT TO TECHNICAL EVENT OF DEFAULT UNDER BANKING ARRANGEMENTS, SOME FINANCIAL OBLIGATIONS

* WHITBREAD - WILL BE PAYING ALL RENT PAYMENTS THIS QUARTER Source text for Eikon: Further company coverage:

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