The news: The Star Entertainment Group has entered a trading pause following reports overnight that the troubled casino operator had been granted additional time by lenders to pay back its debt in exchange for a fee.
The context: Lenders are expected to waive debt covenants, which Star has been in breach of, for the June and September quarters, according to the Financial Review citing sources. This means the casino operator will have until February 2026 to find ways to service its debt.
In addition to the fee Star will pay, it is also expected to repay $60 million of its super senior debt to reduce leverage.
The agreement is expected to enable Star’s directors to sign off on its FY25 audited annual report, due today.
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