Star Entertainment’s future, which has been hanging by a thread for close on a month, has been saved.
After a second NSW inquiry again found it unfit to hold a casino licence, the group has struggled to secure a financial lifeline and delayed the release of its accounts, which are expected to show huge losses after massive write downs on its assets.
The company’s financial position became so precarious during this period, that sources close to the company told the ABC Star directors discussed the possibility of calling in administrators.
And, while the banking syndicate has agreed to tip in an extra $200 million in new loans to keep it afloat, complications in the rescue continued to the very end.
What appeared to be an agreement with the…
