The 13 Macau, a $1.6 billion financial disaster, nearing bankruptcy after one of its largest creditors issued a demand for immediate repayment to the resort’s parent company.
South Shore Holdings Limited, the owner and operator of The 13, says it got a notice from a lender for the repayment of HK$3.28 billion ($423 million) in securities filings with the Hong Kong Stock Exchange.
The creditor may file a winding up petition against the Company if the Company fails to repay the debt within three weeks after its receives the Statutory Demand, as per the South Shore notice.
Since the start of the pandemic, the 13 has been closed. The venue is not accepting reservations, and all of its shops and restaurants have closed.
South Shore’s stock has become nearly worthless due to The 13’s poor outcome and closure since 2020. At $0.007, the stock is worth less than a penny.
Shares of South Shore were trading at $13 at the peak of the company’s valuation in 2014.