Hit reaches agreement with creditors

By Katie Roberts

April 19th 2010 at 9:42AM
Hit reaches agreement with creditors

New agreement with lender allows firm to amend and extend its credit facilities.

Jeffrey Dunn, president and CEO of Hit commented: "We are delighted to conclude these negotiations with our lending group and are grateful for their support.

"This allows us to focus on what we do best - making great entertainment for kids."

The new creditor arrangements pave the way for continued expansion at the company.

The agreement comes after restructuring specialist Evercore Partners were bought in as Hit was in danger of 'soft' breach in banking covenants.

The firm then reached an agreement with lenders to waive a scheduled covenant test on its $579 million debt.