Australian concert promoter Jacobsen Entertainment Ltd. has emerged from voluntary administration. Sydney-based Jacobsen, which is 78% owned by members of the Jacobsen family, announced last September

Australian concert promoter Jacobsen Entertainment Ltd. has emerged from voluntary administration. Sydney-based Jacobsen, which is 78% owned by members of the Jacobsen family, announced last September its intentions to enter voluntary administration, having built up debts of A$8 million ($6.16 million) due to losses on tours by Bruce Springsteen & the E-Street Band and others.

The company's creditors have voted in favor of a new legal arrangement that will see them jointly receive 25% of the after-tax profit of Jacobsen. The company estimates that creditors will receive A$720,000 ($554,000) based on combined profit forecasts for 2004 and 2005 of A$343,000 ($264,000) and A$2.53 million ($1.94 million), respectively. Creditors are currently owed A$2.8 million ($3.6 million).