Could a slimmed-down Golden Century be the way forward?

Despite debts being cleared, there are still a number of hurdles to jump before Golden Century reopens.
Despite debts being cleared, there are still a number of hurdles to jump before Golden Century reopens. Photo: Wolter Peeters

Creditors might haveĀ voted last week for the multi-million dollar deal to clear Golden Century of its debts, but go easy on those dreams about what you'll order from its tanks post-lockdown. The iconic restaurant is still a long way from a certain reopening.

Talk Golden Century had been saved is a little premature. The rescue package was certainly good news for its 70-odd employees, who will be paid all their wages and super, almost all their leave and up to 45 per centĀ of redundancy.

Despite those debts being cleared, there are still a number of hurdles to jump. A new lease is still unsigned at its Sussex Street home, and with two of the owners of the building not clocking in for the creditors' meeting, it's still uncertain where they sit on signing GC up again.

Some industry pundits believe securing a new tenant to take the three-level space in the current climate will be difficult, leaving Golden Century in prime position.

The sale of $1.15 million in wine to help fund the deal with creditors begs another question: does the restaurant still need the luxe wine-themed space it built on its upper floor just two years ago? Maybe a slimmed-down Golden Century is the way forward?

A spokesman for the restaurant declined to comment on specifics, but agreed there was still much to play out before its celebrity clientele can dare to dream of eating its mud crabs again.