Oakdale Theatre in Wallingford withdraws request to drop late fees, as corporate owner raises cash reserves

Oakdale Theatre in Wallingford withdraws request to drop late fees, as corporate owner raises cash reserves

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WALLINGFORD — The Toyota Oakdale Theatre withdrew its request of the town’s electric utility to waive about $1,000 in late fees on its electric bill.

The Public Utilities Commission was slated to discuss the request Tuesday, after it had been carried over from the commission’s December meeting, but PUC Chairman Bob Beaumont said Tuesday night that the item had been removed at the Oakdale's request.

The live entertainment venue at 95 S. Turnpike Road, which is owned by Live Nation, has been closed since March due to the ongoing COVID-19 pandemic, but hosted the Magic of Lights drive-thru holiday light show from mid-November to early January in its expansive parking lot.

Michael Andrews, Live Nation’s regional manager in Connecticut, made the request in October to waive $1,100 in outstanding late fees through a letter, which stated that the Oakdale’s corporate owner is “hemorrhaging money each month.”

Live Nation announced Jan. 5 that it has completed a $500 million debt sale.

Proceeds from the sale of the 3.75 percent senior secured notes — which are due in 2028 — will be used to repay the principal of a $75 million term loan and for general corporate purposes, “including acquisitions and organic investment opportunities,” according to a company statement.

This sale came on the heels of a $1.2 billion debt sale of 6.5 percent senior secured notes — due in 2027 — that closed in May.

The return of concerts and other live entertainment may come as soon as the fall, Dr. Anthony Fauci, the country’s top infectious disease expert, said earlier this month, according to the New York Times.

Fauci said that it would depend on the status of the COVID-19 vaccine rollout, and suggested that audiences still practice social distancing and mask-wearing.

LTakores@record-journal.com203-317-2212Twitter: @LCTakores

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