Crave Announces New Credit Line

Crave Entertainment Group CFO Jim Kavanagh has announced the completion of a new three year $58 million credit facility with GE Capital Corporation. The package includes a $55 million revolving line of credit for working capital needs, and a $3 million term-loan for refinancing existing term and subordinated debt. The previous line of credit with GE Capital was $35 million. Kavanagh also announced the relocation of the company's warehouse operations from Rancho Dominguez, California to nearby Carson, California. The newly leased 107,000 square foot facility is more than double the company’s previous capacity. Finally, it was also announced that Vincent Bitetti has been appointed as president of publishing for the company. Bitetti was previously CEO of Sound Source Interactive, later renamed TDK Mediactive before it was sold to Take-Two Interactive.