Summit claims Suntrust failed to pay interest on bonds totalling US$6.15m
Summit Ascent said it is in talks with Suntrust Resort Holdings Inc. on the payment arrangement of the overdue interest but no concrete plan has been reached yet.
Hong Kong.- Summit Ascent Holdings Ltd has issued a company filing noting that the Philippine casino operator Suntrust Resort Holdings Inc. failed to pay due interest on convertible bonds totalling HK$48m (US$6.15m) issued in 2020 to a Summit Ascent unit.
The bonds had a total value of HK$794m (US$101.66m), with a 6 per cent coupon rate for an initial term of 5 years from the issue date extendable for a further term of 5 years convertible into shares of Suntrust Resort Holdings, Inc.
According to the company filing, Summit Ascent “is in discussion with Suntrust on the payment arrangement of the overdue interest but no concrete plan has been reached as of the date of this announcement.”
The company then added it will update its shareholders and other investors on any material development as and when appropriate.
Suntrust Resort is currently developing a 5-star hotel and casino project at Manila Bayshore Integrated City in Paranaque City. The project will incorporate 400 hotel rooms, a casino with approximately 400 gaming tables and 1,200 slot machines for both mass and VIP markets. It will also include a parking facility with 960 spaces.
The company originally hoped for a 2023 opening, but in November that was pushed back to 2024.
