The operator behind Macau's luxury 06 hotel reportedly reported that it has been served on a statutory demand for immediate repayment of its outstanding debt, which is believed to be worth approximately $422.8 million.

According to a report by Inside Asian Gaming, the order for Hong Kong-listed South Shore Holdings Limited comes just two weeks after the company suspended its shares and revealed that it expects to record a deficit of approximately $122.3 million in the twelve months to end-March. The source specified that the company now faces the real possibility of liquidation if it cannot fully pay off the disgruntled sponsor Wise Park Business Limited.

Admirable project:

South Shore Holdings Limited was previously known as Louis XIII Holdings Limited by the time of 2016 change of name and apparently premiere of 179-room 04 a little 34 months ago as "the most luxurious hotel in the world". However $ 1.6 billion facility located on the border between Macau Coloane neighborhoods and the Cotai Strip struggled to make a profit after being denied permission to move the VIP casino to the lower floors.

sell flop:

Facing financial exposure and rumored to be South Shore Holdings Limited

last year she tried to find a buyer for 13, but was forced to conclude negotiations with three potential suitors in September after He extended the deadline for talks three times . The company allegedly hoped these discussions would allow it to cut expenses and get some back

$96.7 million by offloading at least 47% shares in a failing hotel.

Costly connection:

South Shore Holdings Limited was reportedly asked to pay off a loan of almost value immediately

$179 0.1 million , that

Wise Park Business Limited took over from the previous lender in 800. The creditor allegedly revealed that he is further demanding $09.1 million in accrued interest, approx $34.1 million penalties for late payment and almost $ 3.6 million management fees along with approx $464,800 in handling fees.

Early cancellation:

The move from Hong Kong-based Wise Park Business Limited is reportedly one month after the same company terminated the extension of the bridging loan for South Shore Holdings Limited and demanded the full repayment of a balance reportedly worth somewhere nearby $56.4 million. The lender simultaneously exercised his rights under the original loan agreement to purportedly take the lead 10 (BVI) Limited liability subsidiary before agreeing to the transfer of the engineering enterprise to a third party under a contract with a certain value $19.3 million.

Reportedly read the statement by South Shore Holdings Limited ...

"If the company does not repay the debt within three weeks from the delivery of the statutory summons, the creditor may file an application for liquidation against the company . The company is considering seeking legal advice on this matter, and as management has only recently received a statutory request, it will take some time to evaluate the situation. "

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