Australia-listed boutique casino operator Silver Heritage Group Ltd announced on Wednesday that its main lender has appointed two people as receivers and managers of the company. The move comes after Silver Heritage said on Monday that it was “insolvent” or “likely to become insolvent”, and appointed two representatives from professional services firm KPMG to be its administrators.
Silver Heritage owns and operates the casino property Tiger Palace Resort Bhairahawa (pictured in file photo) on Nepal’s border with India. The group also manages gaming at the Millionaire’s Club and Casino, in Kathmandu, the capital of Nepal.
The group’s casino operations have been shuttered since late March, and the company had already been implementing “cost reduction strategies”.
In Wednesday’s filing, the Australia-listed firm said its main lender – identified as OCP Asia – had appointed John Park and Joseph Hansell of business advisory firm FTI Consulting as receivers and managers of Silver Heritage.
The company also said that OCP Asia had “agreed to provide additional funding to the receivers while they undertake an urgent financial assessment of the assets under their control”. Silver Heritage had said in its earlier filing that it decided to appoint administrators as the group’s lender was “unwilling” to provide further support to the company.
In its latest filing, Silver Heritage said the receivers “would be working closely with all relevant stakeholders to determine the best course of action and to ensure the continuation of the underlying business while strategic options are being explored”.
It added: “The receivers will work with the administrators and the company to sustain business operations whilst evaluating strategic options, including a sale of all or part of the business, to ultimately maximise the value of the company’s assets for its stakeholders.”
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