It’s do or die for Star Entertainment Group’s lenders, as the casino group morphs into a ticking time bomb.
Street Talk can reveal Star’s lender group, which is collectively owed about $400 million, has brought in gun restructuring lawyer Nikki Smythe in a last-ditch attempt to take control of the situation.
Sources said Star’s lenders only signed off on Smythe’s appointment earlier this month, just as Star fessed up it had plundered its cash piles and would struggle to meet the conditions required to draw upon a $100 million lifeline previously agreed with its lenders.
The decision to hire Smythe is understood to have been driven by Deutsche Bank, which – thanks to its position in Star’s lender line-up – is shaping up as a key player in deciding Star’s future.
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The chart
StoreLocal’s co-founders have hired boutique corporate adviser Highbury Partners to reassess its capital structure as they seek capital to ramp up the portfolio.
Best and worst
The Australian sharemarket closed at its highest level in six weeks despite a sharp sell-off earlier in the session spurred by US president Donald Trump mulling tariffs on major trade partners.
