Major Spanish studio Filmax has closed a deal with 41 banking institutions to refinance its debts so that it can set aside $32.5m (Euros 25m) annually to expand and improve its new technology business.

The company would not reveal the total of its debts, but said the key focus for this latest money will be on digitising its 46 cinema screens across Spain, as well as installing 3D equipment, and updating its new website, which offers legal downloads and streaming of its catalogue titles.

The company recently installed its first 3D projector into one screen at its 15-screen Gran Via complex in Madrid, with plans to add more to its A Coruna and Castelldefels sites in the future.

Filmax CEO Carlos Fernandez said of the refinancing deal: “We’re grateful to all the implicated parties in this process since their support will allow us to continue backing talent and creativity, the pillars of the Filmax philosophy.”

This latest cash injection follows the company’s $15.8m credit line from Spain’s state backed ICO finance agency at the beginning of 2008 to help bankroll their production slate. The company had announced back in 2007 that it planned to raise more than $135m in new investment over three years.

Filmax’s core business is still production — predominantly animation, genre films and international co-productions around the $13m (10m Euros) budget mark. Recent success stories include the horror film [Rec], with a sequel to be released later this year, the Hairy Tooth Fairy franchise and Brad Anderson’s Transsiberian.

The company has also had distribution success recently, especially with Slumdog Millionaire, which has taken an impressive $13m at the local box office since its release on February 13.