NSW: Voluntary administration for Mardi Gras =3
"We are confident that it will be possible to come up with a new financial packagethat will enable the company to recover from its current financial difficulties" saidMr Topp.
"We are now going through a detailed examination of the financial condition of thecompany. A number of potential supporters have already indicated that they may be preparedto support the company, financially, provided there is restructuring," he said.
The company has traded successfully for years but got into trouble this year when revenuesplunged because visitor numbers dropped off after the September 11 attacks in the US.
Mr Topp said arrangements were now being made to ensure that next month's Sleaze Ballcould still be held.
"Our aim is to put the company into hibernation during the restructuring process, whichwe expect will be completed within one month", he said.
AAP arb/apm
KEYWORD: MARDI ADMINISTRATION 3 SYDNEY
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