Media Services Company Point.360 gets Bankruptcy Funding
Point.360's clients include studios, independent producers, corporations, non-profit organizations and governmental and creative agencies.
Audio and video post production company Point.360 said it has entered into an amendment to its current loan agreement with Austin Financial Services Inc. to provide debtor in possession financing.
The Los Angeles-based company said the amended loan agreement will provide financing up to $3 million for general working capital needs and/or pay fees, expenses and costs incurred in connection with the amendment and the company's Chapter 11 filing.
The order approving the amendment was entered by the bankruptcy court on Dec. 22.
"We are pleased to continue our relationship with Austin,” Chairman, President and Chief Executive Haig Bagerdjian said in a statement. “The amendment is a major step our capital and balance sheet restructuring process which began with the Oct. 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."
Point.360 (OTC-Pink: PTSXQ) said during the restructuring process, it plans to continue to operate its business as usual and to fulfill customer orders and pay vendors.
The company said it anticipates receiving approval of further customary motions to allow it to make certain necessary payments to employees and vendors that will ensure continued operations through the restructuring and beyond.
Point.360, which specializes in content creation, manipulation and distribution processes, filed for bankruptcy protection in October.
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. The company provides services to edit, master, reformat and archive audio and video content, including television programming, feature films and movie trailers. Clients include studios, independent producers, corporations, non-profit organizations and governmental and creative agencies.
Everything I say is in my opinion, do your own DD and make your decision wisely! Don't spend more then you can afford to lose!
