Imperial Entertainment Group has arranged a corporate lending facility of $2.5 million for Australian distrib Scanbox Asia Pacific.
Scanbox Asia, a subsidiary of Danish distrib Scanbox, will use the money as working capital. Company’s plans call for it to distribute six to eight pics a year.
Imperial is funneling the money to Scanbox via its Australian representative, Australian Entertainment Finance Group. The bank said it hopes to enlarge its business dealings in the region via the Finance Group.
“The closing of this corporate facility was an important step in our effort to show the Australasian region that we are committed to providing (it with) the same type of lending methods available to our U.S. clients,” said Imperial president Morgan Rector.
Scanbox Asia went public in 1997, raising about $8 million. Devesh Chetty, its general manager, said the distrib — which has an international sales arm, Scanbox Intl., based in Los Angeles — was borrowing the money against foreign receivables.