Receivers and managers appointed for Silver Heritage

In an announcement to the Australian Securities Exchange on Wednesday, it was announced that John Park and Joseph Hansell of FTI Consulting have been appointed as receivers and managers of Silver Heritage Group Limited.

This follows the appointment of Ryan Eagle and Amanda Coneyworth of KPMG as voluntary administrators two days earlier.

According to the statement, OCP Asia, the company’s main lender, has agreed to provide additional funding to the receivers while they undertake an urgent financial assessment of the assets under their control.

The statement continued, “The receivers will be working closely with all relevant stakeholders to determine the best course of action and to ensure the continuation of the underlying business while strategic options are being explored. 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 maximise the value of the company’s assets for its stakeholders.”

Earlier this month, Silver Heritage had said it initiated cost reduction strategies in order to mitigate the impact of Covid-19, despite recording an uptick in sales revenue as at the end of February.

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.

Michael Penn is a journalist and scholar based in Tokyo, Japan. As a journalist, he both writes print news articles and produces news videos. On the video side, he has several years of experience doing it all by himself: reporting the stories, shooting the video, and editing the packages. As a scholar, the bulk of his past publications have been about Japan's modern relations with the Islamic world.