Cinecitta Holding can recover film loans

5:00 AM PST 10/19/2007 by Eric J. Lyman, AP

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ROME -- The Italian Ministry of Culture on Thursday gave Cinecitta Holding, the parent company of Cinecitta Studios, the right to tap into the earnings of films made in part with Cinecitta funding if the funding was not repaid by the end of this year.

The terms apply only to loans closed before Dec. 31, 2006, and the money taken from the sale of rights to the films can be collected only up to the value of the outstanding part of the loan.

Cinecitta sometimes loans cash to films produced in part at the company's studios. The decree is an attempt to give Cinecitta more powers to collect money not repaid.
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