Sydney's most iconic Chinese restaurant, known as a favourite haunt for the city's most colourful characters, may have found an 11th hour reprieve.
Golden Century Seafood Restaurant on Sussex Street in Chinatown, famed for its live lobster tanks and late-night banquets, looked doomed when it went into administration on August 19 after 31 years in business.
A rescue plan hinges partly on the liquidation of Golden Century's stunning wine collection, valued at $1.2million, and on legal action taken by a customer for food poisoning not proceeding.
Golden Century Seafood Restaurant on Sussex St in Sydney's Chinatown went into administration much to the horror of its host of regular customers - but it could still be savedInsurance Loans Mortgage Attorney Credit Lawyer
Restaurant Supervisor May Su (pictured) stands in the usually crowded award winning Golden Century Seafood Restaurant in Sydney's Chinatown when the pandemic began
The wine collection has been placed on auction site Grays Online by the administrators Chifley Advisory.
Its holding company, Keenward would also be expected to contribute $750,000 to the rescue plan.
Eric and Linda Wong opened the restaurant in 1989 at 405 Sussex Street in Sydney's Chinatown.
Over the years it grew into a Sydney icon, being frequented by politicians, business leaders and an array of colourful identities.
But after struggling with poor trade and loan repayments during the pandemic, Golden Century finally buckled due to the city's brutal Covid lockdown in mid August.
If Golden Century's legendary wine collection (pictured) can fetch the $1.2million administrators Chifley Advisory are seeking, the iconic Golden Century could be saved
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Golden Century Seafood, famous for its live lobster tanks (pictured), is considered one of Sydney's most iconic restaurants, frequented by politicians, business leaders and an array of colourful characters
Golden Century lost $1.1million in the 2019 financial year and $590,000 the following year, but recovered to make $787,905 in the 12 months to June 31 2021 according to administrator's report,