Point.360 Enters Into Debtor In Possession Financing AgreementDec 28, 2017
OTC Disclosure & News Service
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Point.360 Enters Into Debtor In Possession Financing Agreement
PR Newswire
LOS ANGELES, Dec. 28, 2017
LOS ANGELES, Dec. 28, 2017 /PRNewswire/ -- Point.360 (OTC-Pink: PTSXQ), a leading provider of integrated media management services, announced today that it has entered into an amendment to its current loan agreement with Austin Financial Services, Inc. to provide debtor in possession financing. The order approving the amendment was entered by the bankruptcy court on December 22, 2017. Subject to certain limitations, the amended loan agreement will provide financing up to $3,000,000 to be used to fund general working capital needs and/or pay fees, expenses, and costs incurred in connection with the amendment and the Company's Chapter 11 filing.
Haig S. Bagerdjian, the Company's Chairman, President and Chief Executive Officer said: "We are pleased to continue our relationship with Austin. The amendment is a major step our capital and balance sheet restructuring process which began with the October 10 filing of the bankruptcy petition. My personal guaranty of borrowings under the Company's Austin agreement illustrates my confidence in our ability to successfully complete the reorganization."
During the restructuring process, the Company plans to continue to operate its business as usual and to fulfill customer orders and pay vendors. The Company anticipates receiving approval of further customary motions to allow the Company to make certain necessary payments to employees and vendors that will ensure continued operations through the restructuring and beyond.
About Point.360
Point.360 (PTSX) is a value add service organization specializing in content creation, manipulation and distribution processes integrating complex technologies to solve problems in the life cycle of Rich Media. With locations in greater Los Angeles, Point.360 performs high and standard definition audio and video post production, creates virtual effects and archives and distributes physical and electronic Rich Media content worldwide, serving studios, independent producers, corporations, non-profit organizations and governmental and creative agencies. Point.360 provides the services necessary to edit, master, reformat and archive clients' audio and video content, including television programming, feature films and movie trailers. Point.360's interconnected facilities provide service coverage to all major U.S. media centers. See www.point360.com.
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