Entertainment
Star Gets Potential Lifeline as Oaktree Offers Debt Refinancing
- Oaktree offers to refinance $413m of casino operator’s debt
- Star has warned its future is in doubt as it runs low on cash
Star Entertainment Group Ltd. received a potential lifeline from alternative asset manager Oaktree Capital Management, which offered to refinance A$650 million ($413 million) of the struggling Australian casino operator’s debt.
Star has been racing to raise capital after last month warning its future as a viable business is in doubt as it runs short of cash. The company needs to raise A$150 million of subordinated debt to tap an agreed lifeline of a further A$100 million of borrowings, but has repeatedly said conditions to do so “remain challenging.”