The guaranteed ctcpf renewal by the federal government was merely the capper on a good news couple of weeks for Alliance Communications.

The Sweet Hereafter garnered an Academy Award nomination for best adapted screenplay and an admittedly unexpected best director nomination that caught everyone, including Atom Egoyan, by surprise.

Following the Oscar news, the company released third-quarter financial results showing revenues were up 28% compared to the same period last year and net earnings improved 9.8% to $4.5 million for the same period.

And to cap it all off, the Royal Bank of Canada has given the company a $300-million line of credit, the biggest yet for a Canadian entertainment production company.

The agreement provides a $250-million operating line for production, increases Alliance Equicap’s non-recourse revolving line of credit to $35 million from $25 million, and provides miscellaneous lines of credit of up to $15 million for general corporate purposes.

Essentially, Alliance will now be able to move ahead on productions without having to secure interim financing from the bank, says entertainment analyst Roger Dent of Toronto’s Yorkton Securities. ‘Versus one-by-one production financing, the credit facility is hugely more convenient,’ he says.

In terms of market and investor profile, Dent says the operating line indicates the Royal’s confidence in Alliance, whose strong track record and significant equity base are essential to such an agreement.

While acknowledging that the bank’s vote of confidence is good for the industry as a whole, Dent also downplays the big-number announcement. ‘It’s good news but Alliance was always able to borrow significantly from financial institutions. Atlantis, Nelvana, Cinar and Lions Gate could probably get similar arrangements if they so chose.’

In a prepared statement, Alliance cfo, Roman Doroniuk says: ‘This new facility provides Alliance with the ability to seize new acquisitions and expansion opportunities, while ensuring ample financing for continued production and distribution growth.’

On the new production front, Alliance and Fisher-Price have signed a deal to produce Rescue Heroes, a 2D/3D animation pilot and home video.

The program will be a non-violent adventure series based on Fisher-Price’s new line of Rescue Heroes preschool action figures.

Toronto-based Pictor Entertainment, which has worked on Extreme Ghostbusters and All Dogs Go to Heaven, will produce the animation.

The pilot is being scripted by Diana West (Young Robin Hood, Little Lulu).

Alliance is currently in negotiations with a broadcaster for the pilot and is actively pursuing the acquisition of worldwide rights for the series.

Production will be wrapped by June.

Fisher-Price’s set of four Rescue Heroes action figures were unveiled at the American International Toy Fair this month in New York.

The Rescue Heroes video will be distributed worldwide in all toy stores and mass merchandisers.

Alliance currently is negotiating with partners on several other animation projects.