Unapix gets $40 mil boost

GE Capital doubles producer/distrib's line of credit

By MARC GRASER

Unapix Entertainment said Thursday it has received a $40 million investment from GE Capital, a shot in the arm the producer and distributor of pics, television programming and homevids said it will use to pay off debts.

The investment more than doubles the New York-based company's line of credit. GE Capital already invests in home shopping channel ValueVision and Internet music company Launch Media Inc.

Unapix in June closed its agreement with Imperial Bank, a leading lender to the entertainment industry, to extend its existing credit line from $10 million to $18 million for a two-year period, with the potential for a subsequent increase in excess of $20 million as corporate needs expand.

"We intend to use a portion of this increased line of credit to redeem some of Unapix's convertible subordinated debt," said Herbert M. Pearlman, chairman and CEO of Unapix.