Hotel Company Calls in Administrators
Hotel operator National Leisure & Gaming has been forced to appoint voluntary administrators after lenders said they would not extend credit facilities.
NLG, which owns and operates properties in NSW and Queensland has appointed PricewaterhouseCoopers to help its directors sort out a number of what they term ”onerous” leases. The appointment of PwC was followed by the appointment of Stephen Longley, Jack Bournelis and Marcus Ayres of PPB Advisory as receivers and managers.
The lending syndicate is comprised of Goldman Sachs (Asia) Finance, York Global Finance Holdings and Varde Investment Partners. The trio had elected not to extend senior facilities of about $157 million due to expire on January 31.
Receivers have closed the doors to the Swell Tavern at Burleigh Heads just days after taking control of pubs owner NL&G. The hotel is one of three closed down by the receivers. The Swell has joined the Plantation Hotel at Coffs Harbour and the Wynnum Point Hotel in Brisbane to close its doors.
AccomNews is not affiliated with any government agency, body or political party. We are an independently owned, family-operated magazine.
