{"id":777001573,"date":"2023-01-17T11:02:41","date_gmt":"2023-01-17T14:02:41","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777001573"},"modified":"2026-04-23T01:28:34","modified_gmt":"2026-04-23T04:28:34","slug":"summit-claims-suntrust-failed-to-pay-interest-on-bonds-totalling-us6-15m","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/summit-claims-suntrust-failed-to-pay-interest-on-bonds-totalling-us6-15m","title":{"rendered":"Summit claims Suntrust failed to pay interest on bonds totalling US$6.15m"},"content":{"rendered":"\n

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.<\/p>\n\n\n\n\n\n\n\n

Hong Kong.- Summit Ascent Holdings Ltd\u00a0<\/strong>has issued a company filing noting that the Philippine casino operator Suntrust Resort Holdings Inc.<\/strong> failed to pay due interest on convertible bonds totalling HK$48m (US$6.15m) issued in 2020 to a Summit Ascent unit.<\/p>\n\n\n\n

The bonds had a total value of HK$794m (US$101.66m)<\/strong>, 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.<\/p>\n\n\n\n

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.”<\/p>\n\n\n\n

The company then added it will update its shareholders and other investors on any material development as and when appropriate.<\/p>\n\n\n\n

Suntrust Resort is currently developing a 5-star hotel and casino project at Manila Bayshore Integrated City<\/strong> in Paranaque City. The project will incorporate 400 hotel rooms, a casino with approximately 400 gaming tables and 1,200 slot machines<\/strong> for both mass and VIP markets. It will also include a parking facility with 960 spaces.<\/p>\n\n\n\n

The company originally hoped for a 2023 opening, but in November that was pushed back to 2024<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

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.<\/p>\n","protected":false},"author":176,"featured_media":13004,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Suntrust Resort Holdings Inc. has defaulted on HK$48m (US$6.15m) in interest payments on convertible bonds issued to a Summit Ascent Holdings Ltd. unit. Summit Ascent is currently negotiating payment arrangements with Suntrust, which is developing a significant integrated resort in Manila with a delayed 2024 opening target. This financial event highlights potential liquidity challenges for the Manila-based casino developer and impacts its bondholder.","focusai_entities":"Summit Ascent Holdings Ltd., Suntrust Resort Holdings Inc.","focusai_location":"Hong Kong, Philippines, Manila, Paranaque City","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":"Bond Covenants & Ramifications?","query":"What are the specific covenants of the convertible bonds, and what are the potential legal ramifications for Suntrust Resort Holdings Inc. if a payment arrangement is not reached promptly?"},{"label":"Impact on GGR\/NGR Projections?","query":"How will the delayed opening of the Manila Bayshore Integrated City project to 2024 impact Suntrust's projected GGR and NGR, and what are the revised financial projections for its operational ramp-up?"}],"footnotes":""},"categories":[16331,163],"tags":[23701,22948],"class_list":["post-777001573","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-elsewhere-news","category-finance-news","tag-summit-ascent","tag-suntrust"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777001573","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\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777001573"}],"version-history":[{"count":1,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777001573\/revisions"}],"predecessor-version":[{"id":777001574,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777001573\/revisions\/777001574"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/13004"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777001573"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777001573"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777001573"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}