Ticketek, Australasia's leading ticketing company, posted a wider full-year loss in New Zealand and said parent Nine Entertainment may be forced to sell assets if it fails to meet the terms of its debt.
The ticketing company's loss in New Zealand widened to $500,860 in the year ended June 30, 2011, from a loss of $232,454 a year earlier, according to accounts filed to the Companies Office in New Zealand.
Administration costs rose by $700,000.
Sales rose to about $14.1 million from $13.4 million in the same period a year earlier.
A recapitalisation or the sale of assets could be necessary for the group to meet its Mezzanine Note Interest Suspension covenant during the next 12 months, Ticketek said.
"In order for Nine Entertainment and Ticketek to reach its covenant it may require a renegotiation of terms, waiver or a sale of assets," auditors Ernst & Young said in the New Zealand unit's annual report.
In December, owner CVC Capital Partners failed to reach a deal with creditors to refinance $A2.6 billion ($NZ3.41 billion) of Nine's debt, putting the ownership of the network in doubt, Reuters reported.
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