Hong Kong-based hedge fund OCP Asia will provide funding to the Receivers and Managers of Silver Heritage Group, which entered voluntary administration earlier this week, as they undertake an urgent financial assessment of the casino group’s assets.
Silver Heritage revealed Wednesday that OCP Asia has appointed John Park and Joseph Hansell of FTI Consulting as Receivers and Managers, tasked with determining the best course of action “in order to ensure continuation of the underlying business while strategic options are being explored.”
Sale of all or part of Silver Heritage’s business to maximise shareholder value remains a likely option.
The ASX-listed firm announced on Monday that it had appointed KPMG as administrators following the global outbreak of COVID-19, which saw its Nepal casinos forced to suspend operations just months after OCP granted US$1 million in much-needed funding. OCP Asia had since refused to provide any further support.
Silver Heritage had been seeking options to further boost liquidity, including the possible sale of its Nepal assets – Tiger Palace Resort Bhairahawa and The Millionaire’s Club in Kathmandu – even before the COVID-19 pandemic ultimately sealed its fate.
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