Word: financees
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Monday's Chapter 11 filing by Lehman Brothers and the bailout of Merrill Lynch by Bank of America have only added to a yearlong credit crunch that is changing the way film financing deals are structured in Hollywood. Not unlike homebuyers facing tougher standards to get a mortgage, the people...
By 2006 the film finance market had worked itself into a froth, and banks far and wide were looking to get in on it. "There was an influx of so much capital, it caused deals to get priced in ways that didn't make sense," says Kavanaugh.
Companies looking to close finance deals in the next few months include the Weinstein Co., Paramount, DreamWorks and MGM. At least publicly, no one is admitting they're worried about securing financing in the new environment. MGM's fund "will be raised with a group of top banks, and it...
Kavanaugh, one of the few who has been able to close studio finance deals in the past few months, says he welcomes the new rules. "It's a natural equilibrium that had to happen," Kavanaugh says. "There's not a fire sale going on. Smart deals will continue to get...
You've heard, of course, that subprime mortgages - subprime is Wall Street's euphemism for junk - are where the problems started. That's true, but the problems have now spread way beyond them. Those predicting that the housing hiccup wouldn't be a big deal - what's a few hundred...