October 19, 1993
American Film Technologies Inc., a financially troubled North Hollywood producer of animation and special effects for movies and television, said it filed for protection from its creditors under Chapter 11 of the U.S. Bankruptcy Code. Despite the filing, the company said it is still in discussions with a possible equity investor. As previously reported, American Film said earlier this month that New York attorney and investment banker Gerald M.
October 5, 1993
American Film Technologies Inc., a North Hollywood producer of animation and special effects for movies and television, said New York attorney and investment banker Gerald M. Wetzler agreed to acquire 75% of American Film for about $3.3 million. The agreement with Wetzler ends American Film's long search for an investor to provide the company with needed capital.
August 17, 1993
American Film Technologies Inc., a North Hollywood film colorizer and provider of special effects and animation for television and movies, said it has terminated a letter of intent to sell a controlling stake in the company to a group of investors led by evangelist Pat Robertson. The company said it called off the proposed transaction even though discussions with the Robertson group continued after the expected closing date of June 30.
July 6, 1993
American Film Technologies Inc., a North Hollywood producer of animation and special effects for movies and television, said it is still negotiating with a group led by evangelist M. G. (Pat) Robertson that is interested in investing $4.7 million in the company. A letter of intent regarding the proposal signed May 26 remains in effect, American Film said. But Robertson's group has not yet finished its due diligence investigation, and so a definitive agreement on the matter has not been reached.
June 1, 1993
Evangelist Pat Robertson, whose International Family Entertainment Inc. is fresh from its acquisition of MTM Entertainment Inc. in Studio City, has agreed to acquire control of another local company. American Film Technologies Inc., a North Hollywood film colorizing and animation company, said a group of private investors led by Robertson tentatively agreed to pay $4.7 million for American Film common stock and warrants. The stock purchase would give the Robertson group a 51.
February 16, 1993
American Film Technologies Inc., a North Hollywood provider of animation and special effects for television and movies, reported a $1.37-million loss for its fiscal second quarter ended Dec. 31. The loss compared with year-earlier earnings of $305,000. AFT's revenue in the period fell 18% from a year earlier, to $2.91 million from $3.55 million.