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In Macau and the company behind the luxury The 13 hotel has reportedly revealed that it has terminated negotiations that were to have seen it offload at least a 50% stake in the 200-room property.
According to a report from Inside Asian Gaming, Hong Kong-listed South Shore Holdings Limited used an official Tuesday filing to detail that the talks between its Uni-Dragon Limited subsidiary and a trio of potential suitors have been conclusively stopped following the expiration of a deadline that had already been extended three times.
Financial failings:
Inside Asian Gaming reported that the move will come as a big blow to South Shore Holdings Limited, which was previously known as Louis XIII Holdings Limited until a 2016 name-change, as it had been due to net at least $96.77 million from the arrangements but will now conversely be obliged to refund the trio’s deposits. The source detailed that the property firm has been struggling to meet its financial responsibilities of late and was even forced to apply for a ‘standstill’ order in April after its bank called in a loan worth around $320 million.
Sustained search:
South Shore Holdings Limited reportedly did not explain why the negotiations regarding the 50% stake in The 13 broke down but did use the filing to explain that it now intends to continue searching for partners interested in purchasing a share in the venue located along the border of Macau’s Cotai and Coloane districts.
Reportedly read the filing from South Shore Holdings Limited…
“The company intends to continue with its endeavors to seek prospective buyer(s) for the hotel and/or the land and execute a sale of the hotel and/or the land and will work with the bank in relation to the term loan in the outstanding principal amount of approximately $366 million as of March 31 on any further remedial measures as appropriate.”
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