21 May 2020 Patrick

Silver Heritage Group Appoints Receivers to Assess Value of its Assets

Silver Heritage Group appoints receivers to assess value of the business

Silver Heritage Group revealed on Wednesday that Hong Hong-based hedge fund OCP Asia has appointed John Park and Joseph Hansell of FTI Consulting to determine the best course of action for the business.

It looks likely that the sale of all or part of Silver Heritage's businesses will be sold, leaving its Nepal operations under threat.

The sale of Tiger Palace Resort Bhairahawa, near the border of India’s most populous state Uttar Pradesh, and The Millionaire's Club in Kathmandu, had been mooted even before the coronavirus pandemic shut them down last month. That led the company to declare it was undertaking cost-cutting measures.

On Monday Silver Heritage Group announced it had entered voluntary administration with global professionals services company KPMG named as administrators.

OCP Asia provided US$1 million in funding to Silver Heritage in April but has refused to inject fresh funds.

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