Catch 23 Entertainment, the LA-based production company founded by financier Robert B Sturm, has completed a multi-million dollar credit facility with Comerica Entertainment Group, a division of Comerica Bank Of California.
The proceeds from the facility will provide Catch 23 with additional film financing and development capital and will be used to accelerate the growth of the company's management division. The collateral base for the facility included existing C23 assets as well as a commitment from Sturm. The deal was announced by president of C23 Jeremy Barber.
Comerica was represented in the deal by loan officers Jeff Colvin and Carmen Carpenter and legal counsel Benjamin F Green. Bruce Vann, of Kelly Lytton & Vann, and James Ewing, senior vice president, finance, negotiated the facility on behalf of Catch 23.
Comerica Entertainment Group is the new name for Imperial Entertainment Group which has financed over 200 independent features over the last three years including Angel Eyes and Driven for Franchise Pictures and Hardball and Rat Race for Fireworks Pictures. Comerica acquired Imperial Bancorp, the former holding company of Imperial Bank, on January 31, 2001.