Silver Heritage lender appoints receivers to assess value of group assets
Hong Kong-based hedge fund OCP Asia will provide funding to receivers and managers of the Silver Heritage Group, which went into voluntary administration earlier this week, as they undertake an urgent financial assessment of the casino group’s assets.
Silver Heritage revealed on Wednesday that OCP Asia had appointed John Park and Joseph Hansell of FTI Consulting as receivers and managers, tasked with determining the best course of action “to ensure the continuation of the underlying business while strategic options are explored “.
Selling all or part of Silver Heritage’s business to maximize shareholder value remains a likely option.
The ASX-listed company said on Monday it had appointed KPMG as directors in the wake of the global COVID-19 outbreak, which saw its Nepalese casinos forced to shut down just months after OCP awarded $ 1 million in essential funding. OCP Asia had since refused to provide further support.
Silver Heritage was looking for options to further increase liquidity, including the possible sale of its Nepalese assets – Tiger Palace Resort Bhairahawa and The Millionaire’s Club in Kathmandu – even before the COVID-19 pandemic finally sealed its fate.