Luminar Leisure goes into administration

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Luminar Leisure, the company who looks after the city’s Oceana nightclub, is going into administration.

An official statement on the company website said: “As previously announced, the waiver of certain covenants in the Company’s three year banking facility with Lloyds TSB Bank plc, Barclays Bank plc and the Royal Bank of Scotland plc (the “Banking Group”) originally granted on 11 May 2011 and subsequently extended expires on 27 October 2011.

“During the waiver period the Company has continued to investigate longer term restructuring options in discussion with the Banking Group and other stakeholders.

“The Banking Group has today informed Luminar that it will not grant an extension to the waiver when it expires. Absent such waiver, the Company is unable to meet certain of its repayment obligations to the Banking Group which fall due on 27 October.

“As a result it will also be unable to issue its half-yearly financial report covering the first six months of the financial year on a going concern basis on that date as required by the Disclosure and Transparency Rules.

“Accordingly, the Directors of Luminar have no option but to take steps to place the Company and certain of its subsidiaries into administration and to request the UKLA to suspend trading in Luminar’s shares with immediate effect.”