By Russ Fischer/Dec. 4, 2009 8:43 am EST
But what of their most valuable asset: the actual rights to the Terminator franchise. How’s that sale going? Just fine, says the company. “Oh, really?”, says we.
Nikki Finke is running a statement from Halcyon that has a whole lot of jibber-jabber, and this bottom line:
An either/or scenario seems to be developing. Either someone will buy the rights outright, or Halcyon will negotiate new capital for their own company — essentially taking out a new mortgage to keep the house. Carrying the strained housing market analogy further, one could speculate that the Terminator rights might actually be a fixer-upper joint in a lousy neighborhood, and the buyers aren’t exactly beating a path to the door. Or maybe I’m just being overly negative. This real estate market has got me down.
Halcyon’s full statement is below.
When Halcyon announced the bidding process for the Terminator franchise last month, we indicated that in addition to an outright sale of the property, we would also consider other strategic options, including a recapitalization of the company. Over the past few weeks Halcyon and its professionals have engaged in in-depth discussions and negotiations with numerous serious potential buyers, including several major movie studios. In addition, a number of attractive refinancing alternatives have also been presented. In order to maximize the value of a transaction for all of the company’s creditors and stakeholders, we are fully analyzing all these options. As a result, we will not be committing to a ‘stalking horse’ bid at this time. Nonetheless, given the significant positive interest in the Terminator franchise, we expect to be in a position to announce a successful sale or recapitalization no later than February 1, 2010.
