Montreal: Banque Nationale de Paris (Canada) has withdrawn its petition of receivership against Behaviour Communications.

Matthew Carson, Behaviour’s vp finance and cfo, says the company still owes the bank about us$800,000 ($1.2 Million), however, the exposure on the loan is really us$300,000 ($444,000), since the balance is due from distributors. The original us$4.6 million ($6.8 million) loan to Behaviour was used to interim finance production on the Ted Demme feature Monument Avenue. The loan was due in April of this year.

‘We can now put the disappointing financial performance of Monument Avenue behind us and move forward with our promising slate of productions,’ says Carson, who flew to l.a. on Wednesday, Dec. 16.

Observers say the key to Behaviour’s immediate future is its l.a.-based production and licensing office, Behaviour Worldwide (MDP Worldwide). The company has not reported any deliveries from bw, but that could change soon.

After three quarters in ’99 (most recent report on Aug. 31), the company had losses of more than $16 million and total debts in the order of $50 million, including $6.6 million owed to banks and $38.1-million in production and other loans.

bhv.b stock was trading at $0.6 a share on the tse at Playback press time and has a 52-week high/low of $0.80/$0.05.

Behaviour has divested itself of all its Canadian non-publishing operations, distribution, interactive games, new media, digital studio, production subsidiary Lux Films – now tied up with Jacques Langlois’ commercial house Jet Films – even its tax credits against losses, $34 million sold to Szalwinski’s private holding.

Szalwinski played a role in financing buyers for the former Behaviour assets, at least in the interactive games and distribution deals (see ‘Seville Pictures,’ p. 3).