Silver Heritage Group Ltd, an Australian-listed boutique casino operator, announced on Wednesday that its main lender, Silver Heritage Ltd, has appointed two people as recipients and managers of the company. This comes after Silver Heritage said on Monday it was “insolvent” or “likely to go down” and appointed two representatives of KPMG, a professional services company, as managers.
Silver Heritage owns and operates Tiger Palace Resort Bairahawa, a casino property on the border between Nepal and India. The group also runs games at Millionaire’s Club and Casino in Nepal’s capital, Kathmandu.
The group’s casino operations have been suspended since late March, and the company was already implementing a “cost-cutting strategy.”
In a filing on Wednesday, the Australian-listed company said its main lender, identified as OCP Asia, had appointed John Park and Joseph Hansell of business advisory firm FTI Consulting as recipients and administrators of Silver Heritage.
The company also said OCP Asia “agreed to provide additional funds while recipients carry out urgent financial evaluations of assets under their control.” Silver Heritage said in a previous filing that the group’s lender had decided to appoint a manager following “no intention” to provide additional support to the company.
Silver Heritage said in a recent filing that recipients “will work closely with all relevant stakeholders to determine the best course of action and ensure the continuation of the underlying business while strategic options are explored.”
“Receivers will continue to operate their businesses in partnership with managers and the company, while evaluating strategic options, including the sale of all or part of the business, ultimately maximizing the value of the company’s assets for stakeholders,” it added
BY: 파친코