Can Queensland coal king Chris Wallin’s $200m | Australian Markets
A Queensland coal magnate might emerge as an unlikely saviour for embattled on line casino operator Star Leisure.
Media experiences on Friday mentioned coal miner Chris Wallin — boss of the personal QCoal group — has provided a $200 million bridging loan whereas the cash-strapped company negotiates the sale of its Brisbane on line casino that might reserve it from administration.
The Australian mentioned stockbroker Ord Minnett had been known as in to ready the offer.
It was revealed on Thursday that Star was close to finalising a deal to dump the newly opened complicated to fellow Queen’s Wharf development companions Chow Tai Fook Enterprises and Far East Consortium for $50m.
Star’s shares have been suspended from trade on the Australian Securities Trade after it didn’t lodge its half-year outcomes final Friday.
The company mentioned it couldn’t log off on the accounts with out a bailout from a white knight investor to inject much-needed liquidity and warned it might not be capable of stay a going concern.
Star has its flagship on line casino in Sydney — the place it has already been compelled to unload sections of the complicated to raise money — and one on the Gold Coast.
Placing its share on maintain final week, Star repeated a warning made early in February that with out a rescue deal to tug in money it might not be capable of proceed as a viable business.
Its shares later returned to trade and fell more than 17 per cent to 11¢, valuing the company at simply $307 million.
Star, which is saddled with $400m of debt, has for months been desperately trying to find a lifeline to remain afloat because it battles a liquidity disaster.
The company is but to replace the market on both the sale of the on line casino or the rumoured loan from Mr Wallin.
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