Image Hires Financial Advisor20 May, 2009 By: Erik Gruenwedel
Image Entertainment Inc. May 20 said it had retained Houlihan Lokey Howard & Zukin Capital as its exclusive financial advisor.
Chatsworth, Calif.-based Image said it would use Houlihan to help analyze a wide range of strategic alternatives, including potential financing or sale transactions.
Image said the employment of Houlihan should not infer that specific financing or sale options of any kind were imminent.
Los Angeles-based Houlihan was recently retained to assist bankrupt cable operator Charter Communications, in addition to shuttered mortgage lender Thornburg Mortgage in liquidation of its assets.
Image recently terminated merger talks with Nyx Acquisitions following protracted negotiations that resulted in the payment of $2.5 million in business interruption fees to Image, and, in a related manner, the departure of top executive David Borshell.
President Jeff Framer said the distributor was confident Houlihan would help it strategize the best course of action for shareholders “as we move forward.”