Star Entertainment, still trying to recover from a series of embarrassingly poor executive decisions that lasted for years, could be facing a new issue. It appears that investors are becoming increasingly concerned about the Australian casino operator’s future, and might soon try to force it to make radical changes.
Street Talk, a division of the media outlet Australian Financial Review, indicates that several financial institutions are devising a financial plan to target the ailing company. This move comes in response to the dire situation at Star, as the funds it received through an equity sale only bought it a little time.
Star collected AU$800 million (US$545 million) in the first quarter of the year. That helped it lower its outstanding debt of AU$1.1 billion to AU$341 million (US$729.2 million to $226.04 million). It apparently wasn’t enough, though, and a “handful of credit funds” might be preparing to push for a distressed sale.
Street Talk, a division of the media outlet Australian Financial Review, indicates that several financial institutions are devising a financial plan to target the ailing company. This move comes in response to the dire situation at Star, as the funds it received through an equity sale only bought it a little time.
Star collected AU$800 million (US$545 million) in the first quarter of the year. That helped it lower its outstanding debt of AU$1.1 billion to AU$341 million (US$729.2 million to $226.04 million). It apparently wasn’t enough, though, and a “handful of credit funds” might be preparing to push for a distressed sale.
