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| Version 1 | Version 2 |
|---|---|
| Valleywood studios worries mount | Valleywood studios worries mount |
| (about 2 hours later) | |
| Concern over the future of the Valleywood film studios is mounting after administrators were called in. | Concern over the future of the Valleywood film studios is mounting after administrators were called in. |
| A disagreement with a creditor, which could not be settled informally, has led to the move. | A disagreement with a creditor, which could not be settled informally, has led to the move. |
| The studios near Bridgend, chaired by Lord Richard Attenborough, have been plagued by problems. | The studios near Bridgend, chaired by Lord Richard Attenborough, have been plagued by problems. |
| The administrator said he hoped stakeholders would give the project their support. Dragon International Studios was not available to comment. | The administrator said he hoped stakeholders would give the project their support. Dragon International Studios was not available to comment. |
| Building work on the first of four studios at the 330-acre site near Bridgend is due to be finished next month. | Building work on the first of four studios at the 330-acre site near Bridgend is due to be finished next month. |
| The Labour councillor for Llanharan, Geraint Hopkins said he was "disappointed" by the news. | |
| "Quite a lot of work has already been done, a number of the silent stages have been built and it's a shame now if the project is in jeopardy because of some difficulties. | |
| I am very hopeful of securing the support of the various stakeholders... to ensure that the studios can be completed shortly Rob Lewis, administrator | |
| "But I do remain positive for the site," Mr Hopkins added. "I would still like to hope the project can be saved. | |
| "I also think that the site is so strategically important - it's next to the M4 within the distance of three of Wales' largest cities and potentially for links to a wider area." | |
| It is owned by Dragon International Studios and Westair Properties Ltd, both of which are in administration. | It is owned by Dragon International Studios and Westair Properties Ltd, both of which are in administration. |
| Administrator Rob Lewis, a partner with accountancy firm PricewaterhouseCoopers, was appointed on Friday to tackle the problems. | Administrator Rob Lewis, a partner with accountancy firm PricewaterhouseCoopers, was appointed on Friday to tackle the problems. |
| He said he had a year to sort the issues and potentially could then hand it back to the current directors to run. | He said he had a year to sort the issues and potentially could then hand it back to the current directors to run. |
| In a statement he said: "Over the past two weeks, the companies have been trying to reach informal agreements with their creditors but unfortunately, satisfactory arrangements have not been possible. | |
| "The directors of the companies have therefore sought the protection of an administration order with a view to effecting a restructuring. | "The directors of the companies have therefore sought the protection of an administration order with a view to effecting a restructuring. |
| "I will be actively exploring the opportunities to put formal restructuring proposals to creditors over the coming weeks. | "I will be actively exploring the opportunities to put formal restructuring proposals to creditors over the coming weeks. |
| The project is backed by Lord Richard Attenborough | The project is backed by Lord Richard Attenborough |
| "In the meantime I am very hopeful of securing the support of the various stakeholders in the project to ensure that the studios can be completed shortly." | |
| The main building contractors said it was business as usual as far as they were concerned. | The main building contractors said it was business as usual as far as they were concerned. |
| Mr Lewis said he was still working closely with Dragon International Studios and they continued to drive the project forward. | Mr Lewis said he was still working closely with Dragon International Studios and they continued to drive the project forward. |
| Work on the £330m development at Llanilid, near Llanharan, started in August 2007 following delays caused by sewerage problems and bad weather. | Work on the £330m development at Llanilid, near Llanharan, started in August 2007 following delays caused by sewerage problems and bad weather. |
| Oscar-winning actor and director Lord Attenborough, said in January 2006 the scheme would "build studios that have not been seen for decades throughout the world". | Oscar-winning actor and director Lord Attenborough, said in January 2006 the scheme would "build studios that have not been seen for decades throughout the world". |
| Organisers hope the sound stages and TV studios will put south Wales on the film industry map. | Organisers hope the sound stages and TV studios will put south Wales on the film industry map. |