Spanish mini-major Filmax Entertainment has pulled down a e12 million ($18.2 million) credit line from Spain’s state-backed ICO finance agency to help bankroll its 2008 production slate and consolidate its status as a “Euro-Latino” studio.
In Argentina, Filmax co-owns Pablo Bossi’s shingle Pampa Films, which launched December 2006. It also has a co-production partnership in Mexico with Lemon Films.
Filmax has yet to unveil its full 2008 production slate.
Already-announced projects include “Lucky Lady 13,” an internationally targeted chiller from Jaume Balaguero (“Darkness,” “Fragile”), and toon “The Hairy Tooth Fairy 2,” with Argentina’s Patagonik, to be delivered late 2008.
The credit facility is the latest move from Filmax to ramp up cash flow after film distribution losses. Since then, Filmax has moved away from distribution to focus on pic production. Filmax put through a $27 million capital increase in September.
(Emiliano de Pablos contributed to this report.)