Star Entertainment (ASX:SGR) is no closer to resolving its financial position after releasing a late-night statement on Wednesday.
The casino group made it clear that it is still in discussions, with no sign of a deal with lenders, governments, or shareholders.
Three days after the ASX suspended its shares for failing to lodge the 2023-24 financial accounts by the end of August (the listing deadline), Star says it is still working to address the issues.
The company did indicate that it is short of funds and requires more liquidity.
"The Star is currently reviewing its financial and liquidity position with various advisers as it seeks to finalise its preliminary financial report for the financial year ended 30 June 2024 (FY24). This includes discussions with various stakeholders regarding its liquidity position in light of adverse trading and other conditions.
"The Company confirms that the advice being provided has, from time to time, included consideration of the application of provisions of the Corporations Act 2001 (Cth) (including the safe harbour provisions).
The Safe Harbour insolvency regime allows a company’s directors to implement a restructure without the risk of personal liability for debts should the restructure ultimately fail. This is a drastic, last-resort measure.
The Company stated that it is working to finalise its FY24 preliminary financial report, although the timing of its release has not yet been determined.
The Star said it "will provide a further update regarding its financial and liquidity position in conjunction with the release of its FY24 preliminary financial report."
"Upon the release of the FY24 preliminary financial report, the Company's shares will resume trading in accordance with the ASX Listing Rules," the company said, without specifying a timetable or date.
