Silver Heritage creditors to try Philippine firm rescue bid

Aug 27, 2020 Newsdesk Latest News, Rest of Asia, Top of the deck  

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Creditors of Silver Heritage Group Ltd, a casino developer and promoter currently in administration, have agreed to entertain a recapitalisation proposal for the firm, put forward by HatchAsia Inc, said a Thursday filing to the Australian Securities Exchange.

The recapitalisation would be “subject to shareholder approval,” noted a statement in the name of Amanda Coneyworth, one of the two administrators. The terms and timing of the recapitalisation process are still to be announced.

Silver Heritage developed the casino property Tiger Palace Resort Bhairahawa (pictured in a file photo), on Nepal’s border with India. It began gaming operations in December 2017.

Philippines-based HatchAsia, founded in 2000, is – according to its website – involved in: business management outsourcing services – a segment commonly associated with call-centre operations; “gaming outlet operations”; financial technology, or “fintech”; and office space leasing.

Silver Heritage had announced in May that its main lender had appointed two people as receivers and managers of the company. The move came after Silver Heritage said it was “insolvent” or “likely to become insolvent”, and appointed two representatives from professional services firm KPMG to be its administrators.

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