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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