Morgan Creek Intl. has dumped its longtime bank Credit Lyonnais and landed a new three-year, $ 30 million credit line with Holland’s Internationale Nederlanden Bank.
Sources say Morgan Creek, one of Credit Lyonnais’ healthier entertainment clients, was not satisfied with the level of support services CL had provided to the Warner Bros.-based company. CL officials could not be reached for comment late Tuesday.
INB is the agent bank on the credit line, which is being syndicated by France’s Banque Nationale de Paris and Banque Worms. The Morgan Creek deal represents another step in BNP’s strategy to increase its presence in the entertainment industry, company officials said.
The new credit line, announced here Tuesday, will be used to fund productions and acquisitions as well as general operating expenses. The $ 30 million line doubles Morgan Creek’s previous $ 15 million line, which the indie had with CL for nearly three years.
The new credit, combined with Morgan Creek’s $ 50 million domestic bank line at Los Angeles offices of Chemical Bank and with chairman James Robinson’s undisclosed personal investment in his company, boosts Morgan Creek’s overall available credit to well above $ 100 million.
Although the company isn’t screening any films at Cannes this year, Morgan Creek Intl. is selling rights in foreign territories to “The Crush”; Tony Scott’s action comedy “True Romance”; “Chasers”; “Ace Ventura: Pet Detective”; and the big-budgeted Viking action pic “The Northmen.”
Of all the product Morgan Creek Intl. is peddling, “True Romance” is picking up the most buzz. The film stars Christian Slater and Patricia Arquette and will unreel in U.S. theaters Sept. 10.
As for the other projects, Morgan Creek has sold nearly all foreign territories on “The Crush” except Japan and Benelux. The company has started presales on “Ace Ventura” and “Chasers,” which started principal photography Tuesday in North Carolina. The film stars Tom Berenger, Ericka Eleniak (“Under Siege”) and Dean Stockwell.