Galaxy Casino seeks to wind up Iao Kun promoter

Iao Kun Holding said one of its promoters has been summoned by the Macau Special Administrative Region Court to respond to a request for bankruptcy filed by Galaxy Casino Company.

Sang Heng Gaming Promotion Co. is required to respond to the summons within 30 days of the final publication of the notice, Iao Kun said in a filing with the Hong Kong Stock Exchange.

Promoters Sang Heng and Sang Lung Gaming Promotion received a letter from Galaxy in September warning them of default on obligations to repay lines of credit amounting to about $40.3 million.