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THE COMPANIES BEHIND the Bord Gais Energy Theatre, formerly the Grand Canal Theatre, and the Point Village complex, have been placed into receivership.
TheJournal.ie understands that receivers from Grant Thornton were appointed to the companies, originally controlled by businessman Harry Crosbie, by the National Asset Management Agency.
Crosbie is known to have borrowed in the region of €450 million for the development of the former Point Depot complex, and for the development of the former Grand Canal Theatre in Dublin’s docklands.
The O2, which has related ownership, is not connected to the process and has not entered receivership.
Both NAMA and the Point Village declined to comment on the proceedings.
Both the Point Village and the Bord Gais Energy Theatre will continue to trade.
Receivership is a legal process where a creditor can ask a court to appoint individuals to enforce a loan agreement by liquidating certain assets to generate enough cash to make repayments.
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Bloody hell. It would be a shame to see Board Gais Theatre closed down :(
It’s the companies that own the bricks and mortar. The theatre is operated and managed by Live Nation.
As Brian said – the companies are only concerned with the ownership of the premises and not their operation.
Both companies are continuing to trade as normal.
Four Hundred and Fifty Million !!!
Hard to believe that 7-8 years ago these were numbers we were kind of used to hearing been branded around for this an that, now it just sounds like gizillions, you’d buy half of Dublin for that kinda money these days
You wouldn’t really
it really does sound like a lot of money
IRELAND RIP!!… Would the last one out please turn off the lights!!!
Well by the holy. I’ve never heard that one before.
zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz
i remember watching an interview with Harry Crosbie bosting about the venues were fully funded and would not be affected by the downturn etc,etc.
guess it was all spin.
Thought the Point would have paid for itself many times over by now.
Again, just for the benefit of readers: The O2 (the former Point Theatre) is not affected by, or involved in any way with, these proceedings.
Nothing is ever what it appears when receivers are involved.
Are peoples tickets for upcoming shows ok ?
Yes – perfectly. All the operations are continuing their operations uninterrupted.
have your say