Rocca al Mare Arena on Verge of Bankruptcy (2)
The 10,000-person-capacity Rocca al Mare Arena, also known as Saku Suurhall, is teetering on the verge of going under, having accumulated 9 million euros in losses.
The arena, which is used for high profile basketball matches and concerts, posted a loss of nearly three million euros last year and is struggling with construction debt, Postimees reported today.
CEO Tarmo Hõbe said the company is meeting day-to-day running costs, but since loan repayments are dragging it under, he will propose a 9.8 million euro share issue at a shareholder meeting next week.
The arena is owned by OÜ Pivotal, a company led by Marcel Vichmann (68.6 percent), the Estonian state (15.5 percent) and the Tallinn City Government (15.8 percent).
It became known internationally, soon after its completion, as the site of the 2002 Eurovision Song Contest.