Summit's Rise In Negotiations After Casino Developer Manila Suntrust Lost US $ 6 Interest In Exchange Rateonds.

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Summit Ascent Holdings, the majority owner of Russia's Tigre de Cristal casino near Vladivostok, said it is in talks with Philippine casino developer Suntrust Resort Holdings, Inc over the latter's failure to pay Php336 million ( $ 6.2 million) of interest because the convertible bonds were registered to. the end of 2020.카지노사이트 추천

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According to information filed in the Hong Kong Stock Exchange overnight, Summit Ascent's subsidiary, Summit Ascent Investments Limited, registered in bonds, for a total capital of Php5.6 billion (US$103 million)) on December 30, 2020. The contract offered a coupon rate of 6.0% for an initial period of five years, payable annually from the date of issue.         바카라사이트 추천

However, "Suntrust has not paid interest for the second year through December 30, 2022 after the expiration of the 15-day grace period provided under the terms of the 2020 Convertible Bonds," Summit Ascent said. The company added that the payment will have a significant impact on its income for the year ending December 31, 2022.j9카지노 도메인 추천

"The company is in discussion with Suntrust on the terms of interest on payment period but no proposal has been received till the date of this announcement," he said. Suntrust's inability to pay interest on convertible bonds comes after it issued convertible bonds worth US$120.9 million to Summit Ascent last year instead of repaying the loan.

These links involve US$ 127.7 million to Summit Ascent for a loan issued in early 2021 to support the development of hotels and casinos in Entertainment City, Manila. Suntrust's casino operation in Manila, part of the larger Westside City development, will include a 450-room hotel with a casino with 400 gaming tables and 1,200 slot machines. Its opening is currently scheduled for the end of 2024. Suntrust owns 51% of LET Group, formerly known as Suncity Group, which also has a 69.66% stake in Summit Ascent. 


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