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| Odyssey company's future in doubt | Odyssey company's future in doubt |
| (about 4 hours later) | |
| There is "significant doubt" about the future of the development company behind Belfast's Odyssey entertainment complex, independent auditors claim. | There is "significant doubt" about the future of the development company behind Belfast's Odyssey entertainment complex, independent auditors claim. |
| The company, Sheridan Millennium, has liabilities of £72.3m, according to information filed within the past three months at Companies House. | The company, Sheridan Millennium, has liabilities of £72.3m, according to information filed within the past three months at Companies House. |
| Most of the money is owed to the Anglo Irish Bank in Dublin. | Most of the money is owed to the Anglo Irish Bank in Dublin. |
| However, Sheridan chairman Peter Curistan said suggestions that it was struggling financially were not true. | |
| Accounts for the year ended March 2008 also reveal the company made a net loss of £5.7m. | Accounts for the year ended March 2008 also reveal the company made a net loss of £5.7m. |
| No accounts have yet been lodged for 2008-09. | No accounts have yet been lodged for 2008-09. |
| There is evidence of material uncertainty which may cast significant doubt about the company's ability to continue as a going concern Pricewaterhouse Coopers | There is evidence of material uncertainty which may cast significant doubt about the company's ability to continue as a going concern Pricewaterhouse Coopers |
| Two years ago it was announced that an agreement had been struck to sell the company's stake in the Odyssey for around £100m, but the purchase did not go ahead. | Two years ago it was announced that an agreement had been struck to sell the company's stake in the Odyssey for around £100m, but the purchase did not go ahead. |
| Sheridan provided £30m for the Odyssey project, with the majority of the capital coming from the public purse. | Sheridan provided £30m for the Odyssey project, with the majority of the capital coming from the public purse. |
| It currently holds the long-term lease on the Odyssey Pavillion, home to several bars and restaurants. | It currently holds the long-term lease on the Odyssey Pavillion, home to several bars and restaurants. |
| Accountants Pricewaterhouse Coopers, who audited Sheridan's books, said there was "evidence of material uncertainty which may cast significant doubt about the company's ability to continue as a going concern." | Accountants Pricewaterhouse Coopers, who audited Sheridan's books, said there was "evidence of material uncertainty which may cast significant doubt about the company's ability to continue as a going concern." |
| Peter Curistan said the company was going from strength to strength | |
| The 2007-08 accounts reveal that Sheridan meets its day-to-day working capital requirements through bank facilities. | The 2007-08 accounts reveal that Sheridan meets its day-to-day working capital requirements through bank facilities. |
| According to the figures, the company has received assurances from Anglo Irish that sufficient banking facilities will be provided to allow it to continue. | According to the figures, the company has received assurances from Anglo Irish that sufficient banking facilities will be provided to allow it to continue. |
| Sheridan is currently in negotiations to sell its investment property "in the foreseeable future with consequent benefits to the company's debt position". | Sheridan is currently in negotiations to sell its investment property "in the foreseeable future with consequent benefits to the company's debt position". |
| The company's four directors, among them Mr Curistan, do however, acknowledge its uncertainty. | The company's four directors, among them Mr Curistan, do however, acknowledge its uncertainty. |
| But he told the BBC: "We have a very good offer that is moving very rapidly now, it should be completed within two or three months | |
| "We have interest cover in the meantime of about 150% or so and we're trading on, we have not lost any tenants - we are still fully let - and the company in my view has gone from strength to strength." |