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Casper, Gumby Parent Scrambling For New Financing, Investment Date: 1/12/2009 |
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British company Entertainment Rights, which owns Casper, the Lone Ranger, She-Ra, Gumby, and a host of other characters, is running out of time to find new investment or an acquirer to avoid going out of business. The company loaded up with debt for its acquisition of Classic Media in 2006 (see ?Entertainment Rights Buys Classic Media?) and fell out of its covenants with its lenders last year. Among options being considered are hitting up existing stockholders for additional investment, a sale of the company, or new loans. It received an infusion of L13 million from its main lender in December, which will carry the company through February. Expenses are also being cut, with a third of the company?s employees let go. But bad debt from the failure of British retailer Woolworths is also weighing on the company. |
| Source: ICv2 |
