Image Entertainment, which had been undergoing severe financial difficulties recently, said today it had completed the sale of $22 million in preferred stock to affiliates of the San Francisco-based investment group JH Partners LLC. The investors thus acquired majority control of Image, including four seats at the board.
Shortly before the holidays, Image was reported to be likely to file for Chapter 11 bankruptcy protection (see blu-ray.com,
December 17). Hopefully this acquisition will prevent that from happening.