demanding the company pay<\/a><\/em><\/strong> part of their salaries.<\/p>\n\n\n\nIn order to regain liquidity in its finances, the group is now proposing an international offering of non-convertible notes to investors in Asia and Europe.<\/p>\n\n\n\n
The goal, according to a filling submitted to the Stock Exchange of Hong Kong, is to \u201credeem some or all of the outstanding 2021 notes (and any accrued interest, costs, charges, premiums and expenses and other amounts incidental to repayment of the 2021 Notes) on or prior to maturity in 2021, and general corporate purposes\u201d.<\/p>\n\n\n\n
NagaCorp founder, Tan Sri Dr Chen Lip Keong, has committed to subscribe for up to US$45 million of the new notes, the company said.<\/p>\n\n\n\n
The group said there would be no public offer of the notes either in the United States or in Hong Kong.<\/p>\n\n\n\n
The group is currently operating its Naga 1 hotel with reduced occupancy rates, and limited food and drink facilities. The Naga 2 hotel is currently closed. Duty free operations at NagaCity Walk remain in operation.<\/p>\n\n\n\n
The group said it expected to continue taking action to minimise cash expenditure, including \u00a0scaling back hotel and food and drink operations, reducing payroll expenses by limiting staff on site and reducing employee pay.<\/p>\n\n\n\n
It hopes to reduce operating costs to a monthly run-rate of US$3.9 million. It says that with the new note offering, this would give the company liquidity to support operations with minimal revenue for about 18 months.<\/p>\n","protected":false},"excerpt":{"rendered":"
The group\u2019s founder has announced he will personally fund up to US$45 million of the new notes to gain liquidity.<\/p>\n","protected":false},"author":2,"featured_media":7481,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"NagaCorp is addressing severe liquidity challenges, exacerbated by COVID-19 lockdowns in Cambodia, through a proposed international offering of non-convertible notes. The company's founder, Tan Sri Dr Chen Lip Keong, has committed to personally subscribe for up to US$45 million of these notes to ensure operational continuity for approximately 18 months. This financing initiative, alongside aggressive cost-cutting measures, aims to redeem outstanding 2021 notes and support general corporate purposes.","focusai_entities":"NagaCorp, Tan Sri Dr Chen Lip Keong, Stock Exchange of Hong Kong","focusai_location":"Cambodia, Hong Kong, United States, Asia, Europe","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), compliance_legal (0.7), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Governance Implications?","query":"Given the founder's personal commitment to fund a significant portion of the new notes, what are the implications for NagaCorp's corporate governance framework and the perceived risk profile of future debt issuances?"},{"label":"Long-term Capital Strategy?","query":"Beyond the immediate liquidity injection, what long-term capital structure adjustments is NagaCorp contemplating to mitigate future market shocks and enhance shareholder value?"}],"footnotes":""},"categories":[163,158,16333],"tags":[30,21298,21297],"class_list":["post-7479","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","category-slider-home","category-south-east-asia-news","tag-cambodia","tag-finances","tag-nagaworld"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/7479","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=7479"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/7479\/revisions"}],"predecessor-version":[{"id":7497,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/7479\/revisions\/7497"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/7481"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=7479"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=7479"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=7479"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}