Crave Secures $35m
By rdemott2
Created 08/10/2001 - 00:00
files/pictures/picture-35.jpgCrave Entertainment Group, Inc., parent company to videogame publisher Crave Entertainment, Inc. and SVG Distribution, Inc., has announced that it has secured a US$35 million in funding from Heller Financial. This financing is the first step in a multifaceted capital-restructuring plan for the company. "The industry has been extremely supportive throughout our restructuring, and this new credit line ensures financial support for the ongoing growth of our core business," said Nima Taghavi, chief executive officer, Crave Entertainment Group. "We're now focusing on raising additional equity to capitalize on the outstanding market fundamentals and regenerate the rapid growth the company created during the last console cycle." The deal was sealed with the assistance of Los Angeles-based international investment banking firm Houlihan Lokey Howard & Zukin.
