(Reuters) -Shares of Star Entertainment fell further on Friday to hit a record low, after the Australian casino operator raised concerns about liquidity and cash months after securing a debt lifeline.
Star Entertainment Hits Record Low on Liquidity Concerns
(Reuters) -Shares of Star Entertainment fell further on Friday to hit a record low, after the Australian casino operator raised concerns about liquidity and cash months after securing a debt lifeline.
The stock fell as much as 19.2% to A$0.105 after Thursday's 33.3% drop, and was last trading 13.5% down at A$0.113, as of 0035 GMT.
After trading hours on Wednesday, the embattled casino operator said it had A$79 million ($48.90 million) in available cash at the end of the December quarter, having burned through A$70 million from the September-quarter balance of A$149 million.
Star said it continues to work towards fulfilling the conditions precedent to draw down the second tranche of the A$200 million debt facility executed in late September.
It, however, said "a number of these conditions remain challenging to meet given the group's current circumstances."
The Australian Financial Review reported late on Thursday that a number of lenders have warned Star could be in voluntary administration within months.
Star is unlikely to find a white knight investor in its current form, the report said citing two sources.
Star Entertainment did not immediately respond to a Reuters' request on the report.
($1 = 1.6155 Australian dollars)
(Reporting by Shivangi Lahiri in Bengaluru; Editing by Subhranshu Sahu)
