| Gay groups in Sydney struck a deal
with creditors on Monday to pay off the debts of the city's Gay
and Lesbian Mardi Gras and save the world-renowned street
festival, according to Agence France-Presse.
Under the rescue package, a coalition of four Sydney groups has
taken over the Mardi Gras business and will sell off the
assets--including props and costumes--to repay $350,000 ($190,000
U.S.) out of a total debt of $500,000. Volunteers will replace
salaried staff as organizers of next year's fair, and fund-raising
events will be held to finance the asset sales, said Michael
Woodhouse, cochairman of the new Mardi Gras. The first
fund-raiser, the annual Sleaze Ball, is slated to take place this
weekend.
The 25-year-old Mardi Gras started as a gay rights protest
march but evolved into a massive street festival that attracts
more than 120,000 visitors and brings Sydney business worth tens
of millions of dollars each year.
SOURCE: THE ADVOCATE.COM
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