Nepal – Silver Heritage opts for voluntary administrationBy Phil - 18 May 2020
Australian-floated Silver Heritage Group, the operator of Tiger Palace Resort Bhairahawa in Nepal and The Millionaire’s Club in Kathmandu, has filed for voluntary administration.
Having looked at selling some of its assets, it has now appointed KPMG as its administrator. The closures caused by the coronavirus pandemic came just months after the operator was give extra funding by its lender, OCP Asia.
Silver Heritage said: “The company had been exploring options to generate liquidity and prior to the emergence of COVID-19 had received expressions of interest from several parties in respect of possible transactions. However, as a result of the emergence of COVID-19 and the forced temporary closure of the company’s facilities in Nepal, the timing in relation to consummating one of the transactions has become uncertain. The Board of Directors regret that these events have come to pass and acknowledge all the Group’s employees for their hard work and contribution.”
In March 2019 Silver heritage lost the source of nearly half its revenue when the Phoenix International Club in Vietnam was shut down.