PS2 News: Crave Entertainment receives $35 million loan - PS2 News

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Crave Entertainment receives $35 million loan

  The Crave Entertainment Group (CEG) has announced today that it has received a $35 million financial aid in hopes to restructure its business. CEG is the parent company to Crave Entertainment, Inc and SVG Distribution. The loan was obtained from Heller Financial, and Houlihan Lokey Howard & Zukin investment firm assisted CEG.

   "The industry has been extremely supportive throughout our restructuring, and this new credit line ensures financial support for the ongoing growth of our core business," said Nima Taghavi, chief executive officer at Crave Entertainment Group. "We're now focusing on raising additional equity to capitalize on the outstanding market fundamentals and regenerate the rapid growth the company created during the last console cycle."

8/2/2001 Matt Stensrud

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