Village Roadshow Pictures Concludes Production Financing Restructure

LOS ANGELES, May 10 /PRNewswire/ -- Village Roadshow Pictures (VRP), a division of Village Roadshow Entertainment Group (VREG), announced today that it completed the restructure of its film production facility on May 8, 2009. The restructure, led by Rabobank International and JP Morgan Chase, with current financial accommodation of $900 million and provision for additional capacity of $350 million, includes the permanent financing of the 2008 releases Get Smart, Nights in Rodanthe, Yes Man and Gran Torino which were produced in partnership with Warner Bros.

VREG Chairman, Graham Burke, and VREG CEO, Greg Basser, in announcing the restructure, said, "This restructure would not have been possible without the ongoing loyalty and commitment shown to us by our partners at Warner Bros. and Time Warner. We also pay tribute to our lead banks, Rabobank and JP Morgan Chase, who have steered complex negotiations to a successful conclusion in this unprecedented economic environment."

"We are extremely pleased that Village Roadshow has achieved its financial goals," said Alan Horn, President and Chief Operating Officer, Warner Bros. "The company has been an excellent partner for over 30 years, and they are terrific people. We look forward to continuing our successful relationship and to many more years of making great movies together."

VRP's upcoming films for 2009 include the live-action adaptation of the classic children's book Where The Wild Things Are from director Spike Jonze set for release on October 16. Also scheduled this year is Sherlock Holmes starring Robert Downey Jr. and Jude Law and directed by Guy Ritchie, which arrives in theaters on Christmas Day.

In its twelve-year history, Village Roadshow Pictures has become a leading independent coproducer and co-financier of major Hollywood motion pictures, having produced in excess of 60 films including, as co-productions with Warner Bros., The Matrix trilogy, the Ocean's series, Happy Feet, Mystic River, Analyze This, Miss Congeniality, Two Weeks' Notice, I Am Legend and Gran Torino.

SOURCE Village Roadshow Pictures