Owners of SEN network respond to reports company is on verge of going under
Sports Entertainment Group has responded to a number of reports claiming the company is in serious danger of going under.
This week, The Age reported that a director’s note in an October-released annual report from the SEG empire – which includes SEN Radio – noted its status as a “material uncertainty”, given that it reported a loss of $9.3 million in FY23 and has only $1 million left available of a $28 million loan from Commonwealth Bank, which is due next August.
It was also reported that the company is now pitching to private investors in a bid to reduce its debt before the August deadline.
In a statement issued on the ASX and given to Mumbrella today, SEG chairman, Craig Hutchinson, said the figures reported are “well understood by the board”.
“SEG is focused on reducing net debt and has several proposals and initiatives under consideration to achieve this in FY24. We expect to provide detail on these by the end of this calendar year,” the statement reads.
“SEG has remained in normal dialogue with its lender as it has executed on its growth strategy over many years. SEG’s finance facility expires in August 2024. We are in dialogue to extend this facility. We believe a combination of the abovementioned initiatives will assist in this regard.”
