South Shore Holdings has applied to the Macau court for voluntary liquidation of its wholly-owned subsidiary New Concordia Hotel Limited, the sole beneficial owner of THE 13 Hotel.
The application comes as South Shore faces increasing pressure from its lenders to repay mounting debts, including a statutory demand issued by one lender earlier this month demanding payment of HK$3.28 billion (US$423 million) in outstanding loans and interest or face a winding up petition against the company.
Another lender terminated the ongoing renewal of a bridging loan last month on money owed of HK$593 million (US$76.5 million), while also exercising its rights under the original loan agreement to assume ownership of the subsidiary that holds South S…
Read the full article at: https://www.asgam.com/index.php/2021/06/24/south-shore-applies-for-voluntary-liquidation-of-macau-subsidiary-that-owns-the-13-hotel/
