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Parq Vancouver Misses Debt Payment as Casino Seeks to Refinance

Luxury casino parq vancouver’s parent company missed an interest payment on a second-lien loan as it struggles to refinance debt taken on to build one of the largest-ever private developments in British Columbia. Parq Holdings LP was downgraded to selective default from CCC by S&P Global Ratings Thursday after the expiry of a 30-day grace period.

May 6th 2019 www.zonadeazar.com Luxury casino Parq Vancouver’s parent company missed an interest payment on a second-lien loan as it struggles to refinance debt taken on to build one of the largest-ever private developments in British Columbia.

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Parq Vancouver Misses Debt Payment as Casino Seeks to Refinance – Luxury casino parq vancouver’ s parent company missed an interest payment on a second-lien loan as it struggles to refinance debt taken on to build one. to close a new equity and finance package,

The company that owns Parq Vancouver is in default after deferring on a May 2, 2019 interest payment deadline. Company owners have deferred payment on one of its loans twice The Parq Vancouver, a luxury casino complex that opened to fanfare in 2017, is seeking to refinance its debt amid increasing financial pressure and missed debt payments.

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The financially burdened Parq Vancouver casino resort in Canada's. a new equity partner, along well as refinancing of it debts.. “private Canadian group that wants to remain private,” while adding. The agency cut its rating on Parq Vancouver after the company missed a payment on a second-lien loan.

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The luxury casino in British Columbia, Parq Vancouver, has. adds, “If they want to be feasible moving forward, they must refinance that debt.

 · These specialized loans are short-term and usually paid interest-only during the loan term which is typically a year at maximum. Parq Vancouver Misses Debt Payment as Casino Seeks to Refinance – Luxury casino parq vancouver’ s parent company missed an interest payment on a second-lien loan as it struggles to refinance debt taken on to build one. to close a new equity and.

Parq Vancouver’s $18 million in operating income was completely wiped out by the interest payments on its debt. That interest amounts to around $30 million per quarter and ranges from 7.5% to 12%.

Parq Vancouver misses debt payment as casino seeks to refinance. vancouversun.com – Bloomberg News. Luxury casino Parq Vancouver’s parent company missed an interest payment on a second-lien loan as it struggles to refinance debt taken on to build.