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French distribution <a href=https://www.cups-stanley.us>stanley cup</a>  group Bac Majestic has revealed the name of its  white knight : Belgian entrepreneur Michel Litwak and his company Fragum III, who will help turn around the beleaguered company. Bac, which issued <a href=https://www.stanley-quencher.co.uk>stanley cup</a>  a profit warning in May, was seeking a $12.3m  Euros13m  lifeline in order to survive. The lifeline will take the form of a new holding company, Messine, 75% controlled by Litwak, through Fragum III, with the rest held by Bac Majestic s chairman Jean Labadie. Messine will take part in a capital increase of some Euros 13m, which will be made up of cash provided by Fragum III, Labadie s shares in Bac Majestic as well as being open to public investment. The capital increase is to be finalised by  September 15 and Messine will end up holding between 65% and 82% of Bac Majestic. Litwak will be Messine s chairman and CEO, with Labadie becoming general manager. Bac Majestic, whose activities spanned distribution, video games and exhibition and which was floated on the stock-market in July 2000, sold off its Paris theatre chain at the end of 2001. In a profit warning, the group, whose turnover increased 20% in 2001, to $88.8m  Euros 94.1m , stated that it would miss its $3.89m  Euros 4.12m  profit forecast for the 2002 financial period. Bac lost a major source of high-profile foreign product in May, when Miramax International announced that it was setting up a joint French distribution venture with French broadcaster TF1. Bac has accused Miramax of terminating  <a href=https://www.stanley-cups.fr>stanley cup</a> the agreeme Grmv Rio winners led by Should Nothing Else Work Out, Dead Girl s Feast
Fuelled by school holidays and the Easter weekend, Columbia TriStar s Stuart Little has brought in a phenomenal $8.7m  A$14.9m  after 20 days.The film clocked up $3.5m <a href=https://www.stanleyusa.us>stanley usa</a>  from 323 screens in its second week  April 12-19  - a rise of 24% from its op <a href=https://www.cups-stanley.co.uk>stanley cup</a> ening seven days - giving it the biggest weekly gross so far this year at the Australian box office. Only four films did bigger business in any one week last year, and all were aimed at a considerably older audience: Star Wars: The Phantom Menace with A$11,711,481 from 372 screens, Austin Powers: The  <a href=https://www.stanleycup.fr>stanley cup</a> Spy Who Shagged Me with A$7,415,286  242 screens , The Sixth Sense with A$6,393,523  311 screens  and The Matrix with A$6,139,308  217 screens . Inevitably these four films became the top four hits of 1999 making more than A$20m  $12m  each which augurs well for Stuart Little. Columbia TriStar also snagged second place in the chart last week with the opening of its hit Erin Brockovich which passed the $100m in North America this week.           No comments                                                     No comments yet                                            You re not signed in.                Only registered users or subscribers can comment on this article.            Sign in            Register
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