McCann is chief executive subject to regulatory approvals, which he does not yet have.
to Star Entertainment, owed his entitlements even in the event of its wholesale collapse or the loss of its state licences.The erstwhile … leader? … of the embattled casino group told analysts and shareholders tuning in to hear him explain Star’s new debt deal on Thursday afternoon that he was addressing them as “an observer”. That is, he is CEO subject to regulatory approvals, which he does not yet have.
He was running the call. Naturally. After all, it’s his restructuring deal, as he explained in a lengthy presentation going through the document earlier that day released to the market. He then took questions. All as an “observer”, a disclaimer that must have been required by Star’s lawyers that rather stretches the term.
As a not-yet-CEO , McCann has worked overtime negotiating an extra $200 million of funding, secured for an eye-watering 13.5 per cent interest rate that now applies to all of Star’s debt. It keeps the wolves from the door, for a hefty price. But he’s not yet, technically, in charge. Extraordinary.is Rear Window editor based in the Melbourne newsroom. A Rear Window columnist since 2017, she previously reported on financial markets and media.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Star Entertainment: No tax break bailout for Star’s casino racketThe question posed by Star’s financial struggles and concerns about its Queen’s Wharf partner is whether any casino in Australia can be profitable without dirty money.
Read more »
Star Entertainment: Sceptical NSW government poised to reject Star’s pleas, complicated turnaround planBut the Queensland government appears open to allowing the embattled casino operator to push back the tax debt that it owes, to give it breathing room.
Read more »
ASX 200 LIVE: SGR Star Entertainment shares on watch, iron ore dips, China data aheadASX shrugs of Wall Street lead to open lower. Gold and iron ore prices weigh on index. Star. Follow for more.
Read more »
SGR ASX: Star Entertainment’s lenders offer $150m lifeline as casino fights for survivalThe gaming group, which operates in Sydney, Brisbane and the Gold Coast, has been in turmoil since its shares were suspended from trade earlier this month.
Read more »
SGR ASX: Star Entertainment’s banks baulk at cost blowouts and demands for debtThe ASX-listed casino operator has been negotiating with its lenders for days. But delays getting security over individual properties is slowing down progress.
Read more »
Star Entertainment Group receives debt bailout packageThe beleaguered gaming company has secured a $200 million lifeline from to help it through financial challenges.
Read more »