The Star Entertainment Group (ASX:SGR) said that despite ongoing discussions, it has not received a binding debt commitment letter from Salter Brothers Capital, leading to the withdrawal of the proposed refinancing deal, according to a Wednesday filing with the Australian bourse.
The proposed deal aimed to provide sufficient liquidity to refinance the company's existing debt, the filing said.
However, after extensive engagement with Salter Brothers, state governments, and regulators, it was clear that several conditions precedent to the deal could not be met in time to address The Star's current liquidity needs, the filing added.
Due to the lack of a suitable refinancing solution, the company added there is significant doubt about its ability to continue as a going concern.
The gaming firm is currently exploring additional deals to help
materially increase its liquidity position in the medium term.
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