March 24, 2020 / 3:08 PM / 11 days ago

Whitbread suspends dividend, shuts hotels on coronavirus fears

March 24 (Reuters) - British hotel operator Whitbread on Tuesday suspended shareholders’ dividend and said would shut all its hotels and restaurants immediately due to the coronavirus outbreak.

The company, which is temporarily shutting all Premier Inn hotels in the UK and Germany, said the closing may amount to a “technical event of default” under its banking arrangements and some other financial obligations.

It, however, added that it has material headroom in its funding facilities and will pay its rents this quarter.

Reporting by Tanishaa Nadkar in Bengaluru; Editing by Shinjini Ganguli

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