Germany's Senator Inks P&A Fund Deal With PandA (Berlin)
PandA will guarantee up to 70% of Senator's P&A costs for selected films.
BERLIN -- German distributor Senator Entertainment has signed an agreement with new financing fund PandA to supply P&A funding for Senator's film slate.
Under the deal, PandA will guarantee up to 70% of Senator's P&A costs for selected films.
One of the first titles to benefit from the new agreement will be the Nicole Kassell rom-com A Little Bit of Heaven, starring Kate Hudson and Gael Garcia Bernal, which Senator plans to bow with 300 copies in Germany in August. The Italian comedy Maschi Contro Femmine and its sequel Femmine Contro Maschi, will also tap P&A funds from PandA.
For its biggest titles, including BAFTA-winner and Oscar hopeful The King's Speech and David O. Russell's The Fighter, Senator will handle P&A itself.
"With PandA Senator has another tool to balance the financing of our films," said Senator CEO Helge Sasse. "This will help to stabilize our distributor's liquidity and with it the production and acquisition of new films."
Liquidity has been a major problem for Senator in the past. It was only able to finance its 2010 slate by taking out a costly loan from Winchester Capital. But Senator has since returned to profit and says it will be financing new acquisitions through cash flow and licensing deals. These include a recently extended home entertainment deal with Universum Films, which brings out Senator titles on DVD and Blu-Ray in Germany.