Cotter will remain a partner in IEG and will serve as president and chief executive officer of CEG and its subsidiary Continental Pictures, a global sales company backed by a revolving credit line from Citi that plans to acquire 10-12 films in its first year of operaiton.
Former Stark Investments managing director Benjamin Waisbren becomes president and chief executive officer of CEG subsidiary Continental Entertainment Capital, and will be based in New York City. D Jeffrey Andrick arrives from Comerica as managing director and will run Continental Entertainment Capital's Los Angeles office.
Jamie Viceconte, a managing director in Citi's multi-strategy principal investment group Global Special Situations Group, will join Cotter and Waisbren on the CEG board.
Citi's participation will enable CEG to provide global entertainment industry players with a range of financing options, including equity, structured finance, gap loans, mezzanine financing, P&A funding, and debt replacement loans. CEG is actively exploring first-look deals.
'This is the first company that has been in a position to fund the whole range of financing possibilities for the entertainment industry as well as provide worldwide distribution services,' Cotter said. 'We can offer basically anything entertainment companies might need to operate and expand their business.'
'Our partners in creating this specialty finance and production business have strong track records in media, entertainment and structured finance, and their experience and relationships, combined with Citi's resources, will enable them to competitively meet the unique needs of entertainment companies throughout the world,' Viceconte said.