Star Entertainment’s lenders warn the Sydney and Gold Coast casino owner could be in voluntary administration within months and its hotels carved up and sold to the highest bidders, as a lifeline deal to preserve its future as a listed company fails to materialise.
Two sources close to Star’s secured debt providers, speaking on the condition of anonymity, said it was unlikely to find a white knight investor in its current form, which would mean it runs out of cash based on how it is tracking financially. That would leave the board with no option but to cede control of the company.
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Anthony Macdonald is a Chanticleer columnist. He is a former Street Talk co-editor and has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at a.macdonald@afr.com
