AAM gets cash infusion

http://www.variety.com/article/VR1118016562.html?categoryid=1444&cs=1&query=digital+cinema

Posted: Tue., Mar. 16, 2010, 7:18pm PT

 

AAM gets cash infusion

Loan will speed up digital conversion of Euro theaters

By VARIETY STAFF

European digital cinema company Arts Alliance Media has secured €50 million ($68.6 million) in funding for its theater conversion program.

Sankaty Advisers, credit affiliate of Bain Capital, will provide a combination of senior debt, to be repaid as a priority, and mezzanine debt, combining loans with equity options, for deployment of digital cinema equipment across Europe.

AAM has digital cinema deals in place in seven Euro territories with commitments for 1,500 screens. The deal is expected to close in 30 days.

AAM topper Howard Kiedaisch said the deal marked a change in pace for digital cinema rollout, which had slowed in the past year because of the financial crisis.

This year's MTV Networks Intl. Europe Music Awards are to take place in Madrid's Caja Magica stadium in front of 12,500 fans Nov. 7.

It's the second time in the award's 17-year history that the show has been held in the country, and it coincides with the 10th anniversary of MTV Spain. At last year's show, held in Berlin, Lady Gaga was named best new act.

Thirteen films made by first-time feature helmers will compete for the main prize at Copenhagen's CPH:PIX, which runs April 15-25.

The U.S. is represented by Matt Porterfield's "Putty Hill," about the effect a young man's death has on his family. Pic preemed at last month's Berlinale, as did "Puzzle," an Argentinian-French co-production, helmed by Natalia Smirnoff. Pic is about a housewife who develops a knack for solving jigsaws. CPH:PIX was founded in 2008 when the Copenhagen Film Festival and the NatFilm Festival merged.

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