Council guarantees Cork Opera House loan

CITY Hall will guarantee a €1.5 million loan being sought by Cork Opera House from the banks.

The theatre will also be required, from now on, to seek the approval of Cork City Council – which owns 39% of shares in the venue – for any borrowing, including overdraft accumulation over €300,000.

The council agreed to convert an outstanding loan balance of €857,073 to a non-repayable capital grant.