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Luminar Group enters administration
Luminar Group Holdings, the operator of nightclub chains including Lava and Ignite; Oceana; and Liquid, has entered administration after its lenders refused an extension to its banking facility covenants.
Earlier this year, Luminar secured a waiver of "certain covenants" in a three-year facility with its Banking Group, which comprises Lloyds TSB, Barclays and the Royal Bank of Scotland.
The waiver expired on 27 October and the Banking Group informed the group that it was not going to grant an extension, leaving Luminar unable to meet repayment obligations.
Luminar's shares were suspended from the official list by the Financial Services Authority at 16:15 on 26 October, with administrators from Ernst and Young appointed by the group.
A Luminar spokesperson said: "The Banking Group has today [26 October] informed Luminar that it will not grant an extension to the waiver when it expires.
"Absent such waiver, the company is unable to meet certain of its repayment obligations to the Banking Group which fall due on 27 October.
"Accordingly, the Directors of Luminar have no option but to take steps to place the Company and certain of its subsidiaries into administration."
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