Rose of Tralee urge creditors to wipe out debts.

The Rose of Tralee is urging creditors to write off their debts to the festival. Creditors are owed 900,000 euro and time is running out for the festival to put together a rescue package. A letter to creditors from Anthony O Gara asks them to consider waiving the money owed to them. The alternative is to accept a settlement of one third.Creditors have until Thursday to let the festival know their intentions. Mr O Gara says once the level of support is known they will know the viability of the rescue plan. He adds that further negotiations will take place with creditors who refuse the offer. The letter also stresses that without the support of creditors The Festival will have no option but to wind up its affairs.