Despite the tough economic climate, especially in the indie sector, GreeneStreet Films has landed a four-year revolving credit facility with CIT Group.
The 10-year-old film and TV production and finance outfit is known for pics from “In the Bedroom” to “Midnight Meat Train” and “Feast of Love.” The new facility, which can be tapped for up to $15 million per year, can go toward films or for general working capital needs.
The facility will help fund upcoming GreeneStreet titles, including projects from affiliate A Bigger Boat, Lionsgate alum Peter Block’s new company.
The roster includes an untitled pic produced by Peter Farrelly and Charlie Wessler that is ticketed for co-financing and distribution at Overture Films. The company also plans to use the funds for three additional projects in 2009, including these previously announced films: Matt Reeves’ “Invisible Woman” and John Carpenter’s “The Ward,” the latter a co-production with Echo Lake Films.
One key ingredient in the pact was GreeneStreet and A Bigger Boat’s exclusive international sales deal with FilmNation.
CIT managing director Wade Layton, a media/entertainment specialist who’s done deals with a host of companies over the years, said the pact shows “the independent film industry plays a vital and growing role in the New York City economy.”
GreeneStreet is run by co-prexies and founding partners John Penotti and Tim Williams.