News

First Offset loan granted

Export Finance and Insurance Corporation (EFIC) has offered its first Producer Offset loan to the Nine telemovie Panic at Rock Island.

Rock Island Productions, owned by Goalpoast Pictures and director Tony Tilse, will receive a $496,000 loan for the project, which started production in Sydney yesterday.

According to producer Rosemary Blight, the loan will bridge the funding gap by increasing the project’s cash flow.

EFIC is the Government’s export credit agency, which last May announced it would offer loans of up to 85 percent of the estimated producer offset to film and television productions with international agreeements. The loan was devaloped in collaboraton with Screen Australia.

‘The loan shows how EFIC can help successful production companies like Goalpost Pictures by complementing commercial sources of funding’, said EFIC’s executive director for small and medium enterprises, Andrea Govaert.

Panic at Rock Island will be distributed internationally by Arclight Films’ Easternlight division. Set on a island in Sydney Harbour, it tells the story of a hot summer’s day when a lineup of top acts play for music fans from around the world. It’s all idyllic until unimaginable disaster strikes when a deadly virus is discovered on the island. Its symptoms are shocking and it brings swift and painful death. Grant Bowler and Vince Colosimo star.

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