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Monday, 19 April 2010

Hit reaches agreement with creditors

Hit Entertainment have now reached an agreement with credit experts to conclude their $579 million debt which will now allow them to amend and extend their credit facilities.

Previously, Hit become emroiled in a breach last year in the winter after becoming heavily in debt, resulting in Hit owing millions worth of money to banking convenants after a fall in toy and DVD sales in the US.
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.

Hit are now currently paving the way to expand the company.

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