Sat, Feb 11 2012

Nu Image will double its production in Bulgaria, but wants a 25 per cent rebate

Fri, Feb 13 2009 15:28 CET

byNick Iliev

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The co-chairperson of Nu Image and Millennium Films, Avi Lerner, met with Economy and Energy Minister Petar Dimitrov on February 12, where Lerner said that Nu Image intended to double its production in Bulgaria and make substantial investments in 2009.

Since the 2006 privatisation of Boyana Film Studios, Nu Image has filmed no less than 120 movies in Bulgaria.

Lerner told Dimitrov that the company would like the Bulgarian Government to return the deposit it paid the country upon acquiring Boyana Films. The argument put forward by Lerner was that the company had already more than met the investment obligations agreed upon in the privatisation of Boyana Films.

Nu Image was supposed to invest a total of 12.6 million euro from the end of 2007 as part of the privatisation contract; the investment in fact exceeded the negotiated amount, to total a reported 15.6 million euro. Thus, according to Lender, the company was entitled to receive its deposit back, which amounted to 1.6 million euro. Dimitrov replied, as quoted by Investor.bg, that "the ministry will evaluate the documentation and that if the accounts indicate that this is indeed the case, the deposit money will be duly returned to Nu Image".

Nu Image also expressed its desire to receive first class investor status, a request that will be considered by InvestBulgaria Agency.

Lastly, Lerner asked that Nu Image receive governmental assistance in the form of a financial rebate. In some countries, as much as 25 per cent of the national film budget is allocated back to film companies to help them cover their expenses – the logic behind that being that via the film industry, a country gets promoted, which, in turn, stimulates the tourist industry.

"We have accepted no obligations for the moment for a financial rebate for Nu Image of any kind. We will investigate what the situation is like in other European countries, but most likely, such a rebate would be considered 'illegal government assistance'," Dimitrov said, as quoted by Investor.bg.

Nu Image obtained ownership of the formerly state-owned Boyana Film Studios after substantial infusion of capital into the beleaguered facilities and a massive debt restructuring programme. After the transaction was complete, it was renamed Nu Boyana Film Studios.

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