Alliance Films to refinance $400 mil in debt

November 05, 2008 Sources at Montreal-based Alliance Films said it intends to use a recent downgrade by Moody's Investors Service to buy back debt at a substantial discount to its face value. "It's a super opportunity to further strengthen our financial position," the Alliance Films executive said ahead of a statement on the debt refinancing due late Wednesday. The Societe generale de financement du Quebec, an agency that invests on behalf of the Quebec provincial government, subsequently acquired a majority stake in Alliance Films so Goldman Sachs would not breach foreign ownership rules.

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