Written by Scott Murdoch
(Reuters) – The Casino Star Group, Australia, said on Monday that it had approved a $ 300 million rescue package ($ 179.70 million) from the United States Group that will hand over the besieged group.
Star said in one of the Australian securities exchange files that investment will be through multi -tool convertible notes and visual debt tools.
Star said that the first payments, about 100 million US dollars, will be made on Wednesday, which will enable the Sydney -based group to stay on his feet.
The file said that the rest will be paid after the star shareholders vote and the deal that received organizational approval. Star added that the shareholders ’vote is scheduled to be held in late June.
Star said that the convertible observations will eventually provide Bali’s control of about 56.7 % of the Australian company on a completely diluted basis.
The company added that it was holding talks with its largest shareholder, Australian billionaire Bruce Mattheke, to contribute about $ 100 million from the investment package. If this continues, the Bally investment will be reduced to $ 200 million.
Sydney’s -based star, the second largest casino operator in Australia, was scrambling to avoid bankruptcy as years of organizational scrutiny and lawsuits after allegations of money laundering that she left in cash, and with limited lines of life.
Her shares remain suspended from trading on the Australian stock exchange, as they are still unable to provide their results for a period of half a year in the absence of the appropriate re -financing proposal.
($ 1 = 1.6694 Australian dollars)
(Participated in the reports of Scott Murdoch in Sydney, Aditia Jovind Rao, Samir Manicar in Bangaluru; edited by Gansaraman and Louise Hefins)
https://media.zenfs.com/en/reuters-finance.com/4074146805287236f17a6634658b31f2
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