OCP Asia, the lender for Hong Kong-based gaming company Silver Heritage Group, will pay the Receivers and Managers of Silver Heritage Group, which has undertaken a financial assessment of the casino group’s assets.
According to Inside Asian Gaming, the receivers, John Park and Joseph Hansell of FTI Consulting, were appointed to “ensure continuation of the underlying business while strategic options are being explored.” The FTI consultants joined Ryan Eagle and Amanda Coneyworth of KPMG, who came on as voluntary administrators two days earlier.
Silver Heritage Group is the operator of Tiger Palace Bhairahawa and the Millionaire’s Club and Casino in Nepal, boasting a total of 76 live gaming tables and 250 electronic gaming machines, and employing over 1,000 people, according to its website.
“The receivers will work with the administrators and the company to sustain business operations whilst evaluating strategic options, including a sale of all or part of the business, to ultimately maximize the value of the company’s assets for its stakeholders,” a company statement indicated.
Last month, Silver Heritage began cost reduction strategies to mitigate the impact of Covid-19, despite recording an uptick in sales revenue at the end of February, reported iGamingBusiness.com.
