Montreal: Despite a swirl of rumors about its imminent sale or closing, an executive at Cine-Group says after long delays in project financing the company is looking forward to its busiest year ever. Hubert Gariepy, president of Distribution Cine-Group, says the Montreal animation producer has sorted out financing difficulties and confirmed a 1994 coproduction slate worth $24 million.

Storyboarding is underway on 26 new episodes of Spirou II, 26 episodes of Quasimodo and 13 episodes of Sea Dogs. All three series are being produced with French partners, with the Canadian portion of the budget set at 40%.

Earlier this year, the 14-year-old company experienced long delays in financing for its three 1994/95 tv series, and, because of the inactivity, was obliged to reduce staff from 35 to 15 at Toonteck, Cine-Group’s computer animation and 3D service.

Credit margin tightened

‘Our credit margin with the bank was tightened,’ admits Gariepy.

‘It’s not a secret. We’ve had difficulty with our big overhead. But these rumors have been around since I’ve been here,’ says Gariepy, who joined the company in 1988.

Talks may be renewed

Talks with potential buyers of Cine-Group have taken place, and may be renewed, he adds.

Leading Cine-Group’s 1994 coproduction slate are:

– The first 13 episodes of Spirou II, based on the famous French comic book character, will be delivered in September 1995 and have been presold to Canal Famille and Radio-Quebec. Investors include Baton Broadcasting and Astral Communications.

– Quasimodo, the animated adventures of the demimonde in Victor Hugo’s Hunchback of Notre Dame, will be delivered in January 1996 and has been presold to Hearst Entertainment in the u.s.

– Sea Dogs, a saga of kids and their adventures on the high seas, will be completed by next September and has been presold to Radio-Quebec, Family Channel in Canada and France 2.

Jacques Pettigrew is the company’s president and ceo. Banque Worms and the Federation des Travailleurs et Travailleuses du Quebec investment fund acquired a combined 35% share of Cine-Group in January 1993.