Plans for the Rose of Tralee festival will be announced shortly, after its future was said this week to be "secure".
At the 11th hour, the majority of the festival's creditors had accepted settlement terms, paving the way for a cash injection from supporters and businesses to allow the event to proceed this year.
The creditors, from florists to float builders, were owed almost €1 million. Some 98 per cent either wrote off their debts or accepted 30 cent in the euro. The closing date for acceptance was last Thursday.
"There has been tremendous support locally, nationally and internationally, and I want to extend my thanks to the creditors and members of the Festival of Kerry Ltd for their overwhelming endorsement and support of this process," said Mr Anthony O'Gara, consultant and chairman of the rescue group appointed by the festival.
Some €300,000 has been pledged to rescue the event on the basis that creditors accept the settlement proposals and that the Festival of Kerry Ltd agree to a fundamental restructuring.
A spokesman would not disclose the names of Rose's benefactors, other than to say they included "individuals and companies from Kerry and around the country".
Newspapers, Tralee's town council, street entertainment groups, stationers, radio stations, garages, florists and others are understood to be among the creditors of the 45-year-old festival.
While numbers of visitors to Tralee for the festival have plummeted in recent years, the numbers watching the live RTÉ coverage have escalated. The event now attracts 1.8 million TV viewers.
One car dealer yesterday said the choice was to "accept the 30 per cent or get nothing". Killarney car dealer Mr Dermot Healy of Suzuki was owed €8,000.
Plans to build a centre to host the festival have been put in train by the town council under a public-private partnership.