Oaktree tables $650m debt financing proposal for The Star

The news: The Star Entertainment Group has received a debt financing proposal from funds associated with US asset manager Oaktree Capital Management, including a commitment letter and term sheet for $650 million across two debt facilities.

The numbers: Star shares were trading 1.67% higher at 10:32am AEDT.

The context: The Star said its board will consider the proposal from Oaktree — which is majority owned by Canadian investing giant Brookfield — with no certainty that it will be progressed. Should it proceed with the proposal, the company will need additional funding for the period prior to the proposal being implemented.

The troubled casino operator is continuing to explore possible liquidity solutions, as announced in January, warning that there remains "material uncertainty as to the group's ability to continue as a going concern".