New York, Los Angeles and Paris-based Citigroup merchant banking affiliate Continental Entertainment Capital (CEC) will begin offering financial advisory services to North American and European clients.

CEC CEO Benjamin Waisbren will personally advise clients and lead a team of experienced investment banking professionals located in North America and Europe. CEC already undertakes various investment and lending activities.

'It is a natural fit for CEC to provide advisory services to entertainment companies and institutional investors,' Waisbren said. 'When there is financial distress, oftentimes the solution is not additional capital, but a restructuring.'

CEC launched in April 2007 and recently launched its European operation in Paris led by Yann Le Quellec.

CEC is a major shareholder of Wild Bunch and Wild Bunch's JV partner and debt underwriter in their film rights acquisitions fund, Continental Films. It is currently providing financing for Frank Miller's upcoming all-star animated romp The Spirit and The Laundry Warrior with Geoffrey Rush, Kate Bosworth and Jang Dong-gun.