Completion bond company cineFinance has reacted to the economic downturn by announcing it willnot be closing any new film completion bonds.

A source at the company, which is based in Los Angeles and has associate offices in Australia, said it would remain open to service all current projects.

The source did not elaborate on whether cineFinance, which underwrote John Woo’s $70m epic drama Red Cliff among many others and has issued bonds on numerous Australian films, would shut down.

The fate of the company’s 15 staff also remained unclear at press time.

cineFinance had previously set up an Asian hub in Hong Kong and was acquired in late 2004 by HCC Insurance Holdings.

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