Australia’s Star Entertainment Group Limited said Tuesday that it has satisfied the conditions precedent to draw down the first AU$100 million tranche of a recently announced debt facility, with the funds expected to be received by next Monday 9 December.
The facility, which may include a second AU$100 million tranche pending Star satisfying additional conditions, is aimed at giving Star much needed liquidity and ultimately buying Star and its recently appointed CEO Steve McCann time to restructure the business amid concerns the company is sitting on the edge of collapse following a second finding of unsuitability in NSW and a cost blowout…
