Leading in tough times
William E. Heinecke, Founder and Chairman, Minor International shares some insights on how they are faring during the COVID-19 pandemic.
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I’m bullish on recovery. Our lenders have been very supportive. However, as someone who has been in the hotel business for over 40 years, I think It’s going to take a while.
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We are not looking so much at restructuring, but adding more equity. Currently we have about 50 billion in credit lines. The key thing is not availability of cash, but maintaining the various ratios that give us our credit rating and allow us to tap markets at a low cost. I have said many times, ‘cash is king’ and one needs to protect cash in the balance sheet.
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At this juncture, we are offering fair price points. I think investors are looking at investing in the next year. We remain optimistic that our investors will be supportive.
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Our campaign ‘Stay with peace of mind’ includes enhanced health and hygiene standards. For us, food safety is one of the most critical aspects.
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We have been spending most of our time trying to conserve cash and ensuring that we’re going to be able to ride this crisis out.
We will be going all out to try and keep our balance sheet in such a position that when any good opportunities come along, we are going to be ready to move forward in the right direction.
The key is maintaining the ratios that give us our credit rating & allow us to tap markets at a low cost”