The Wales Millennium Centre (WMC) in Cardiff Bay has been warned that it is in serious danger of insolvency.The warning is in an unpublished review, commissioned by the Welsh Assembly Government, and seen by BBC Wales' Dragon's Eye programme. It says the £106m arts venue has debts of £13.5m and is predicted to sustain considerable losses in future years. WMC has said it currently cannot repay the debt, which is guaranteed by the assembly government until December. In its annual accounts for 2006, which were filed on Tuesday, WMC's auditors KPMG say "considerable uncertainty" in achieving a settlement with the assembly government "may cast significant doubt about the group's ability to continue as a going concern." Full story available on the BBC Wales web site |
| BBC Wales web site: news.bbc.co.uk/1/hi/wales/7040225.stm |
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Friday, October 12, 2007 |
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