Star Entertainment’s board has been unable to sign off financial statements for the second time in six months, putting its ability to keep its shares trading in doubt and likely bringing its financial predicament to a head.
People close to the company, who were not permitted to speak publicly, said Star chief executive Steve McCann and his bankers had been unable to raise short-term funding required to meet near-term payments, including for payroll, which put the company at serious threat of running out of cash.
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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
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
