Carriageworks Revival Plan Revealed
The Berejiklian government will soon reveal the fate of Sydney’s much loved arts centre, Carriageworks.
The Packer family has pledged $240,000 to Carriageworks’ multi-million dollar revival plan, joining other high profile philanthropists, as new documents reveal the organisation’s over budgeting of key projects in the lead up to its collapse.
The COVID-19 restrictions also contributed to the venue entering voluntary administration in May.
The rescue plan is based on retaining the Eveleigh-based venue’s independence from government funded companies, receding the possibility of the Sydney Opera House taking over operations.
Wealthy philanthropists George Ainsworth and Johanna Featherstone have pledged $2 million through their foundation, Oranges And Sardines. Amongst others, the Neilson Foundation has pledged $500,000 and the Gonski Foundation $200,000.
With agreement of the bailout plan, Carriageworks employees would be guaranteed entitlements, and unsecured creditors would receive between 25 and 37 percent. The company would continue with a less risky arts program.
The bailout will require a long term lease to be signed with Create NSW, which owns the Carriageworks site. Creditors will vote on June 9, with a government spokesperson saying, “future annual NSW Government funding for Carriageworks Ltd is subject to contracted terms and timeframes.”
By Rida Babar
