Film Finances Unveils Company Sale In Prepackaged Chapter 11, Cutting Ties With Private-Equity Parent 777 Partners

deadline.com:

EXCLUSIVE: Film Finances, a global leader in film completion guarantees, and its related companies are set to be acquired by Film Services International, a new investor group with insurance company backing.

The purchase agreement under a voluntary, prepackaged Chapter 11 known as a 363 Sale was filed in Delaware court Tuesday to sever the completion bond giant from its private equity owner, Miami-based 777 Partners, whose legal and financial woes — from a failed Australian airline to a disastrous run for British football club Everton — have been making headlines this year.

Peter Coleman, CEO of FFI Holding, said the new ownership group is committed to providing a substantial amount of capital to grow the various businesses and seek other acquisitions. “We are excited to partner with this new group, which sees the huge value and expertise that our bond professionals and various businesses spanning all phases of the production services process bring with thousands and thousands of completed films over decades of service,” Coleman said. “FFI and its portfolio deliver services with the single focus of helping our clients get their projects completed and we are very excited for the next leg of our growth.” With a 363 filing, Film Finances can ensure stability and protect itself from any potential disruptions or lingering 777 liability.

Insurers Silac and Haymarket, part of the investor group, will provide a total of $8 million in DIP financing as part of the investor group.