14.06.2006 13:39:00
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GE Strengthens Commitment to Exhibition Industry with $30 Million to Consolidated Theatres
The financing will primarily be used by Consolidated Theatres toexecute its growth plan, which includes the opening of newstadium-seating megaplex theaters.
"GE has been a long-time lending leader in the movie andexhibition space, having committed more than $325 million to thesector since the late 1990s" said Richard Varalla, SVP, GE. "We areenthusiastic about Consolidated's growth potential and are verypleased to play in role in the company's future."
"We are grateful to GE for their commitment to Consolidated andthe exhibition industry as a whole," said Herman Stone, CEO,Consolidated Theatres. "We strive to be at the forefront of enhancingthe movie-going experience and with the support that GE makes tobuilding long-term relationships, we're better positioned to reachthese goals today and in the future."
"GE has a demonstrated track record of success in the exhibitionsector and we are pleased to have such a prominent brand playing asignificant role in this transaction," said C.J. Brucato, Principal,ABRY Partners. "We sought GE's involvement recognizing theircommitment to the movie business and their knowledge of the sector."
The deal closed on June 5, 2006.
About GE Commercial Finance - Global Media & Communications
With over $5 billion in assets, offices in Atlanta, Boston,Chicago, Hong Kong, London, New York, Norwalk, Palo Alto and SanFrancisco, Global Media & Communications represents a "one-stop"source for the comprehensive range of GE's lending and otherstructured financial services offered to the telecom, media,technology (TMT) and entertainment marketplace. For more information,please visit gegmc.com.
About GE Commercial Finance
GE Commercial Finance, which offers businesses around the globe anarray of financial products and services, has assets of over $190billion and is headquartered in Stamford, Connecticut. GE (NYSE: GE)is Imagination at Work - a diversified technology, media and financialservices company focused on solving some of the world's toughestproblems. GE serves customer in more than 100 countries and employsmore than 300,000 people worldwide. For more information, visit thecompany's website at ge.com.
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