Image Secures $17.5 Million in Credit

Image Entertainment Inc. has received up to a $17.5 million line of credit from PNC Bank, N.A. The Chatsworth-based home entertainment distributor and producer will use the money for its continued expansion into the digital and broadcast video-on-demand markets. “This new credit line represents our confidence in Image’s business and in our plans to expand the Image Entertainment library,” said Image Chairman and CEO Ted Green. Image has entered a period of stability following one in which the company was involved with two botched mergers, neared bankruptcy and was knocked off the NASDAQ exchange. New management, which includes Green, brought in a new approach that included new deals, debt reduction, and cost cutting measures. “We are very pleased with PNC’s revolving line of credit,” said COO and CFO John Avagliano. “We are gratified that our efforts over the past 18 months have allowed us to reach this point.” Mark R. Madler