Macau: The 13 Hotel declared bankrupt
The 13 Hotel has been given 60 days to pay off its debts under Macau’s Civil Procedure Code.
Macau.- The Court of First Instance in Macau has declared the company responsible for The 13 Hotel bankrupt. The company has been given 60 days to pay off its debts in accordance with Macau’s Civil Procedure Code.
South Shore Holdings Limited, the parent company of The 13, had its listing on the Hong Kong Stock Exchange cancelled on February 9 after failing to resume trading for 18 months. In light of increasing pressure from lenders, it applied to the Macau court for voluntary liquidation of its subsidiary, New Concordia Hotel Limited, the sole owner of The 13 Hotel.
The 13 Hotel halted operations in February 2020 amid the Covid-19 pandemic. South Shore Holdings wants a sale as soon as possible to improve the group’s liquidity and financial position.
According to Macau’s Hotel Industry Establishment Business Law, a hotel can only suspend operations for a maximum of three years. With The 13’s operational term set to expire this month, it will lose its hotel licence.
A month ago, Peter Coker Jr., a former executive director and chairman of South Shore Holdings, was arrested in a hotel room in a joint operation between Thai police and the FBI after US authorities issued an arrest warrant. He is accused of hiring stock traders to manipulate the company’s stock price. He could face up to 20 years in prison.
