Cinedigm expands credit facility to $47 million
D-cinema integrator using money from undisclosed lenderDigital-cinema integrator Cinedigm said Wednesday that it has expanded its credit facility from $8.9 million to $47 million, using money from an undisclosed lender.
Like other third-party companies assisting in the studio-backed rollout of d-cinema installations to movie theaters nationwide, Cinedigm was stalled in its efforts for at least a year by the protracted global credit crunch. With credit markets easing, the integrator expressed confidence that its second-phase deployment of digital projectors and other equipment will get going in earnest, converting as many as 10,000 additional movie screens for digital play.
Cinedigm participated in more than 4,200 system installations beginning in 2005.
"We are thrilled that this financing has closed and that we can continue the momentum which started late last year," Cinedigm chief Bud Mayo said.
Hollywood film distributors are paying for much of the related costs of the installations through so-called virtual print fees, but bank financing was needed to cover upfront outlays.