Long-time South Shore Holdings Ltd Chairman Peter Coker has tendered his resignation as an Executive Director and Chairman of the Board, some 12 months after it was revealed that all of the company’s subsidiaries are insolvent.
According to information filed with the Hong Kong Stock Exchange overnight, Coker has stepped aside to pursue other business opportunities, with the company to determine whether a suitable candidate will be appointed in his place.
Shares in South Shore have been suspended since July 2021, shortly after the company applied to the Macau court for voluntary liquidation of its wholly-owned subsidiary New Concordia Hotel Limited, the sole beneficial owner of THE 13 Hotel. South Shore had been facing pressure from its lenders at the time to repay mounting debts, including a statutory demand issued by one lender demanding payment of HK$3.28 billion (US$423 million) in outstanding loans and interest or face a winding up petition against the company.
In October 2021, South Shore revealed that all of its subsidiaries had ceased operations and were insolvent as it awaited a decision on the possible winding up of the company. However, there has been little solid information provided on its status since, with provisional liquidators reportedly looking into ways of restructuring the group.
The demise of South Shore ultimately emanated from the failure to realize its vision for THE 13 Hotel, located to the south of Macau’s Cotai Strip.
The brainchild of long-departed Chairman Stephen Hung, THE 13 had been envisioned as an uber-luxury hotel with space for 66 VIP gaming tables aimed at capitalizing on Macau’s booming VIP segment of the early 2010s. Instead, a series of funding and construction delays saw the property open in September 2018 with no gaming and with a number of rooms unfinished – all at a cost of US$1.6 billion.
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