The convertible loan notes were to be issued as part of a complex fund raising exercise which involved creditors extending varying loan amounts to Silverlink in exchange for convertible loan notes which contained extensive rights to control the affairs of Silverlink.

Aman Resorts
by Eugene Soltes, Aldo Sesia 

Source Harvard Business School
14 pages Publication date Nov 09, 2010
Aman Resorts describes the operating model and philosophy of this high-end set of global properties. Aman relies on employees taking considerable initiative to deliver the highest quality personalized service in the hospitality industry. The case also highlights Aman's strategy and operations which differ in many ways from industry standards.

6 pages Publication date Nov 09, 2010
Aman Resorts (B) describes how employees are rewarded and compensated which is used to supplement Aman Resorts (A).

8 pages July 2011
Teaching Note

10 pages Publication date Jun 07, 2012
Aman Resorts (Abridged) is a slightly shorter version of Aman Resorts

Although these are Aman standards, “there are no rules, no handbook,” says Olivia Richli. “Each general manager runs the property as if it is his or her own

Jan 29

The agreement for Aman Resorts is signed and we expect the funding to happen in this quarter.

Silverlink's current liabilities exceeded its current assets on December 31, 1995 and 1996

$102,055,770 out of which US$60,000,000 was financed by bank borrowing and the balance of US$42,055,770 was funded by internal resources

17 March 1993

But Mr. Zecha, who is chairman and a major shareholder of Amanresorts' parent company, Silverlink Holdings Ltd., wondered if the resorts would thrive as part of a large hotel group. So he turned to longtime friend Clement Vaturi, an Italian hotel investor based in Paris. Mr. Vaturi's NV Credit Commercial International SA of Antwerp, Belgium, made a competing bid for a stake in Amanresorts. Last December, Mandarin Oriental bowed out.

Earlier this week, Credicom, as Mr. Vaturi's company is known, finalized the deal with Silverlink, a British Virgin Island-registered, Hong Kong-based company. The result is $65 million in fresh equity for Silverlink, raising total shareholder equity to around $100 million. Another large Silverlink shareholder and creditor, Hong Kong-based Arral & Partners (Asia) Ltd., and two investment trusts it manages, approved the recapitalization, according to Louis Bowen, Arral's managing director.

Mr. Zecha and Credicom have pooled their Silverlink shares into a new company, Argent Holdings Ltd., which now controls about 57% of Silverlink. Mr. Zecha said he remains chairman and chief executive of Silverlink and Amanresorts. Mr. Vaturi said he becomes president of Argent Holdings and of newly formed Credicom Asia Ltd.

Mr. Zecha said the next property, a 22-room tented luxury camp, will open in June on Moyo Island east of Bali in Indonesia. It will be called Amanwano. And in October, Amanpulo, a 40-room resort, will open on the Philippine island of Pamalican. The company also is negotiating to buy Milton Park, a country hotel near Sydney, and Mr. Zecha said he plans to build Amanresorts in Angkor Wat, Cambodia; Pagan, Burma; Sukothai, Thailand; and other ancient cultural sites in Southeast Asia. The Cambodian project already is under way, he said.

Monies to be received from the Aman Transaction in Q4FY13. [jan-mar 2013]

accounting for certain additional costs/rebates to be incurred in the future on existing projects, including potential loss on the sale of Silverlink Resorts (Aman Resorts

DLF Global Hospitality Ltd. “DGHL”, 100 percent step-down subsidiary of DLF Ltd., and M/s. Mahaman Assets Limited has entered into Share Purchase Agreement on December 12, 2012 to sell DGHL’s 100% shareholding in Silverlink at an enterprise value of approximately USD 300 Mn. This is considered as an Initial Disclosure event for the discontinued operations. As the transaction is slated for final closure by end of February 2013 and is subject to usual closing conditions, no effect of the same has been taken in these consolidated financial results. Pursuant to the terms of the Share Purchase Agreement, management foresees an estimated loss of ` 65 crores, which has been recorded as an impairment of goodwill created on Silverlink consolidation.