Star Entertainment and its advisers have asked potential financier Bally’s Corporation and its backers to increase their $250 million funding proposal for the company, in a bid to raise quick cash and stave off administrators.
Three sources with knowledge of the talks, not authorised to speak publicly, said Star and its bankers and the Bally’s consortium and its advisers had been trading term sheets since last weekend, seeking to negotiate a deal that would ensure Star continued to be run as a going concern.
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Zoe Samios covers wagering and the business of sport from the AFR's Sydney newsroom. She was previously the media and telecommunications reporter for The Sydney Morning Herald and The Age, and covered media at The Australian. Connect with Zoe on Twitter. Email Zoe at zoe.samios@afr.com
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
