The Works Secures $10 Mil Credit Line (Berlin)
BERLIN -- U.K. sales, distribution and finance house The Works has restructured and sealed a deal for a fresh $10 million credit line from Theta Films Financing.
The Works, a fixture on the global movie sales scene for almost 25 years, said its parent company Milcoz Films will use Theta's investment to bankroll future acquisition of rights and its production activities.
The company has also put the finishing touches to its management reshuffle which kicked off in October last year with the promotion of Clare Crean to head up its sales arm. Crean is in Berlin alongside Laurence Gornall who becomes CEO of The Works Film Group and managing director of its subsidiaries, The Works International, The Works U.K. Distribution and The Film Consortium.
Mick Southworth will oversee production and fresh business activities for the group.
Gornall said Milcoz's firm commitment "will enable the group to advance significantly over this year and beyond."
Works chairman and Theta Group board director Costa Theo said, "The changes announced today, together with The Works' enviable catalogue of international rights, provide us with a solid foundation as we enter our 25th year."
The company's sales slate includes Lucy Walker's documentary Countdown to Zero.