Silver Heritage creditors to accept recapitalisation bid

The casino developer will accept a rescue plan from Philippines-based HatchAsia after declaring it could become insolvent due to the crisis.

Australia.- The creditors of the casino developer Silver Heritage Group have agreed to a recapitalisation proposal put forward by Philippines-based HatchAsia.

According to a filing sent by the company to the Australian Securities Exchange, the recapitalisation remains subject to shareholder approval. The terms and timing are still to be announced.

Hatchasia is a firm that offers business management outsourcing services, a segment commonly associated with call-centre operations, gaming outlet operations, financial technology, and office space leasing.

Silver Heritage developed Tiger Palace Resort Bhairahawa on Nepal’s border with India, which began gaming operations in December 2017.

In May, it announced that its main lender had appointed two people as receivers and managers of the company. The move came after Silver Heritage said it was “insolvent” or “likely to become insolvent”, and appointed two representatives from professional services firm KPMG as administrators.