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Dateline: 31st July, 2008
Creditors Agree Derby Rescue Plan Derby Playhouse will reopen in September after creditors accepted an offer from the board to refloat the company. At a meeting in the Playhouse, which has been dark since February, creditors voted in favour of a £300,000 rescue package put forward by unidentified investors. Derby city council tabled an alternative offer of £325,000 to buy the assets and liquidate the company - but this was rejected. The deal from the Playhouse board means secure creditors, including former staff, will receive the full amount owed to them. However, unsecured creditors will get less than 4p in the pound. Derby Playhouse went into administration last December. Its future was thrown into jeopardy when the Arts Council withdrew the theatre's grant. The Arts Council has since given a grant of more than £2m over three years to Derby Live, a city council initiative. Its business plan included taking over the Playhouse and its studio. The Arts Council is expected to withhold some of the money now that the Playhouse will not revert to city council control. The Playhouse will run as an independent organisation without subsidies. The management aim to put on four shows over six months from September to February. The first will be The Killing of Sister George which will have its opening night on September 13th.
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