US debt management firm Oaktree Capital Management is looming as a potential last-minute savior for troubled Australian casino operator Star Entertainment Group after putting forward a debt financing proposal to lenders.
Star revealed in a Monday morning ASX filing that the proposal from funds associated with Oaktree – which previously expressed interest in cutting a deal with Crown Resorts before Blackstone’s acquisition in 2022 – includes a commitment letter and term sheet which set out terms upon which Oaktree would be willing to provide a total of AU$650 million in two debt facilities with a term of five years.
Although the proposal is…
