Star Entertainment Group is hopeful a rescue deal will save the cash-strapped casino company. -AAP Image
Star Entertainment Group shares says it anticipates it will receive one or more financing proposals within hours that could save the cash-strapped casino company.
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The company said in a statement to the ASX on Friday morning that it was continuing to explore "liquidity solutions" that could materially increase its liquidity position, and anticipates receiving them on Friday.
Star is due to release its financial results on Friday, but said the half-year report would only be finalised if the liquidity proposals are received and are sufficiently capable of being able to shore up the Star's financial status.
"As noted in the company's recent ASX announcements, there remains material uncertainty as to the group's ability to continue as a going concern," Star said.
Star said on January 8 it had $79 million in available cash as of December 31 and had lost $107 million in the previous three months, suggesting it would run out of cash within months.
It has a $100 million financing facility with its lenders but needs to arrange more additional lending to access that cash.
Star shares were briefly placed in a trading halt but have resumed trading. They were down 11.5 per cent to a three-week low of 11.5 cents shortly after 11am.
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