'Incendiary' finds funding (Variety, 13 mars 2007).
Film is first British movie bankrolled by Aramid
Sharon Maguire's "Incendiary" has become the first British movie to be bankrolled by Aramid Entertainment Fund, a new U.K. hedge fund specializing in media finance.
Contemporary drama about the emotional aftermath of a suicide bombing in London starts shooting March 26. Michelle Williams, Ewan McGregor and Matthew Macfadyen star.
Producers are Andy Paterson and Anand Tucker of Archer Street, the team behind "Girl With a Pearl Earring" and "Hilary and Jackie."
Aramid, which specializes in debt finance for film, TV and music projects, is providing 65% of the funding for "Incendiary," budgeted at around $10 million.
The balance of the coin comes from Film4, plus private equity from U.S.-based Bartley Sachs Entertainment, which American producer Billy Dietrich brought in. Capitol Films is handling international sales.
The government's recent clampdown on GAAP equity funds is set to increase British producers' demand for the kind of debt financing offered by Aramid.
Aramid, which launched in September, has raised more than $100 million from various hedge funds and expects to reach $250 million by the end of this year.
Archer Street developed "Incendiary" with backing from Film4 and the U.K. Film Council.
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