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Sink or swim time for cash-strapped Ocean.(News)

Music Week

| December 04, 2004 | COPYRIGHT 2004 CMP Information Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

East London venue Ocean is continuing to stage music events in the approach to Christmas, despite suffering "financial difficulties" and calling in administrators.

Forthcoming gigs by Laibach and Level 42 are expected to proceed as corporate recovery experts from PricewaterhouseCoopers attempt to put in place a new restructuring to save the 23m [pounds sterling] bespoke venue and arts centre, which opened four years ago.

A spokeswoman for PwC is unable to comment on the level of funds owed to creditors, but says operations are not affected in the short term at least. Ian Oakley Smith and Adrian Stanway from the company have been appointed joint administrators of Ocean Music Trust and Ocean Music Enterprises, which run the Hackney venue.

The spokeswoman adds, "The administrators are currently in discussions with the employees, creditors and ...

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