Appointment of Silver Heritage Insolvency Manager

Silver Heritage Group Ltd, the Australian-listed boutique casino operator, announced on Monday that the company was “insolvent” or “likely to go bankrupt at some point in the future.”

Silver Heritage’s board has appointed Ryan Eagle and Amanda Connieworth of KPMG, a professional services company, as administrators. They are now “controlling the operations of the company” and are also evaluating its financial position, according to a filing from Silver Heritage on Monday to the Australian Stock Exchange.

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.

“As previously announced, the company has been exploring options to create liquidity, and prior to the advent of COVID-19, we have received expressions of interest from several parties regarding possible transactions,” Silver Heritage said on the Australian Stock Exchange, referring first to the illness related to the novel coronavirus pandemic, and second to cash-raising efforts through the disposal of group assets.

“However, the emergence of COVID-19 and the forced temporary closure of the company’s facilities in Nepal have made the timing regarding exhausting one of the transactions uncertain,” the company noted.

Silver Heritage suspended casino operations in Nepal on March 23 and hotels the next day. The measures are part of an effort to curb the spread of COVID-19 in Nepal. In an April 30 filing, the company said it had launched a “cost-cutting strategy” without giving details as operations at its casinos and hotels in Nepal were closed.

Silver Heritage said in a filing on Monday that its main lender, OCP, had provided additional funds to the company in January to support its “short-term” funding needs. However, OCP was not willing to provide additional support to the company. OL Master (Singapore Fund 1) Pte Ltd, Orchard Landmark II (Singapore Fund 1) Pte Ltd and OL Master Ltd together offered a $1 million mortgage, known as “OCP,” according to Silver Heritage’s Jan. 20 filing.

“The Board regrets the passage of these events and recognizes the hard work and contribution of all employees of the Group,” Silver Heritage said in a filing on Monday.

“Managers will be in touch with the group’s creditors and stakeholders and will make further announcements in due course,” the company said.

Silver Heritage lost one of its key revenue sources early last year when casino operations at Phoenix International Club near Hanoi, Vietnam, were suspended.

BY: 슬롯머신

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