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Star’s syndicate of banking lenders recently declined to tip in another $100 million into the business, after it failed to raise an additional $150 million in series C funding. The deal that couldn't find bidders was being led by UBS, where Kelvin Barry is its co-head of global banking for Australia and New Zealand. Even if Star somehow manages to raise A$150 million to access a second tranche of debt, it will not be out of trouble. Earnings are under pressure from a cost-of-living crisis and analysts expect Star to lose money for a fourth straight year. Already there are signs that investors are positioning themselves for a shakeout.

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