Donaco cancels repayment of $7 million still owed to Mega Bank

Donaco International, which operates several border casinos in Southeast Asia, said it has received approval from its main lender, Mega International Commercial Bank, to reschedule the outstanding payments that Donaco owes to the agency. The payments are being made through six monthly installments of $1 million each between June and November, and a final payment of $1.8 million in December.

With payments already completed in June, as of June 30, Donna owes the agency, called Mega Bank, $6.8 million of the initial roughly $100 million it borrowed in Australian dollars, and has been repaying it since 2015, it said in a filing with the Australian Stock Exchange on Thursday.

Donaco’s flagship casino resort in Poipet, Cambodia, which borders Thailand, has been closed since April due to the COVID-19 pandemic.

Donaco’s non-executive chairman, Fornat Amatavivadana, was quoted as saying in a filing on Thursday that while the public health situation was “out of our control,” the company “acted on the orders of the Cambodian government to temporarily close all casinos in the region, including Star Vegas.”

The chairman added: “The continued safety of our employees and visitors is paramount and we will advise the market if we have any further updates.”

The filing on Thursday also includes that Donaco’s board has approved up to US$8.2 million in shareholder loans from Liebig Huey, known as TechAtut Sukaroen Chrysley, the company’s chief executive and executive director.

“The loans can be repaid over the next three years on substantially the same terms as the Megabank facility,” Donaco said.

The company also plans to repay shareholder loans from operating cash flows within the loan period, it added.

Donaco also said it had received a waiver regarding underlying interest and financial contracts at the Megabank facility.

The game company also operates the Aristotel International Hotel, a casino hotel in Lao Kai on the border between Vietnam and China.

BY: 파친코

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