Luminar's 49%-owned 3DE in administration

Nightclub group Luminar's 49%-owned 3D Entertainment Group has been placed in administration.

Luminar - which also had a loan investment in 3D - said it understood that the majority of the business assets had subsequently been acquired by Sun European Partners.

Luminar said the overall value of the equity and investment on its balance sheet in August was 17.3m, and there was a trading debt for services provided to 3DE of approximately 0.8m.

It said the proceeds of the administration are likely to provide only a minimum return to Luminar.

But in due course the proceeds are expected to cover the bank loan guarantee of 2m which Luminar provided to 3DE in July 2009.

Posted at 07:41PM Mar 01, 2010 by Kelly Board in Insolvency  |  Comments[0]