The directors’ plan to resume trading provided a “superior outcome than liquidation”, Mr Quinlan said in a letter to creditors dated July 14 and creditors agreed, with no contrary votes among the 60 or so participants.
The result scuttles a push within government for Sydney Opera House to take over the Eveleigh Railway Yards, a favoured option if Carriageworks could not lift itself out of voluntary administration.
Kerr Neilson led the philanthropic bailout, pledging $500,000.Credit:Louie Douvis
The company, which relied primarily on commercial income, had been adversely impacted by the cancellations of public events from March.
Three of the organisation’s major arts projects also went over budget in the year leading up to its co…
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