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HomeNewsBloomberry completes $290M settlement with former Solaire manager GGAM

Bloomberry completes $290M settlement with former Solaire manager GGAM

Solaire operator Bloomberry Resorts Corp has finally completed its settlement with the resort’s initial manager Global Gaming Asset Management (GGAM) for some PHP16.78 billion ($290.7 million), by buying out the company’s shares.

According to a stock exchange filing on Tuesday, the group completed the purchase on the same day, following through on announcements from late March.

The purchase involved some 921,184,056 shares at an individual share price of PHP18.22 ($0.31).

The purchase finally ends over a decade of dispute regarding the 8.7 percent stake the group acquired in Solaire after signing a five-year contract to manage the property upon completion.

It also follows an arbitral ruling in Singapore which ordered Bloomberry to pay some $296 million to GGAM as well as court costs and other fees as compensation for wrongful termination and lost management fees.

Bloomberry had initially challenged this saying that the awarding could only be enforced by Philippine courts.

Enrique Razon, Bloomberry Resorts, Philippines
Enrique Razon Jr, Chairman, Bloomberry Resorts

GGAM later sued Bloomberry in New York, aiming to leverage the assets of Bloomberry founder Enrique Razon Jr. The case was settled after New York courts denied Bloomberry’s motion to dismiss the case.

In Bloomberry’s Tuesday filing it notes that ‘The Settlement Agreement is therefore complete’.

The shares in question represent approximately 8.05 of Bloomberry’s current outstanding shares.

Kelsey Wilhelm
Kelsey Wilhelmhttps://agbrief.com
Kelsey Wilhelm is a broadcast, print journalist and editor based in Asia for over 15 years. Focused on content creation, management, cross-cultural exchange and interviews for multi-lingual productions. Writing focus on gaming, business, politics, culture and heritage, events and celebrities, subcultures, music, film, art and fashion. Some of Kelsey's specialties are: editing, writing, copy creation, multi-lingual content production, cross-cultural exchange, content creation and management for Asian markets.

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