|RedCam CentralSite Admin
Joined: 14 Dec 2006
Location: Los Angeles
|Posted: Thu Mar 04, 2010 6:20 pm Post subject: Creditors set to gain Panavision
As published in the L.A. Times:
"Ronald O. Perelman is handing over Panavision Inc., the debt-laden camera rental company that is suffering from a steep downturn in movie and TV production, to its creditors.
Perelman's holding company, MacAndrews & Forbes Holdings Inc., has reached an agreement in principle with a group of creditors -- including Cerberus Capital Management, the former owner of Chrysler -- for the billionaire investor to give up his controlling stake in the camera maker that has been a fixture on movie sets for decades, according to people familiar with the matter..."
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