State House News Service
November 11, 2009

Senate President Therese Murray said the cancellation of a $550 million loan that leaves the future of a planned movie studio complex in her hometown “disappointing” Wednesday, but sounded a note of optimism that the project would draw new financing.

“There is still wide-ranging support and expectation for this project,” Murray said in a statement, a day after learning that Plymouth Rock Studios had nixed its deal with Prosperity International. Studio officials said they were looking for new financial backers, but said a timetable, which had called for groundbreaking early next year, was uncertain.

“Like any development project, it is a difficult process,” Murray said. “And it is up to the studio now to go out and find other financing. With the possibility of the economy improving, and the project’s ability to generate short-term and long-term jobs, the community remains hopeful that there are other lenders who will see the great value of this project.”

‘Hollywood East’ nixes loan deal
Hollywood East TV: Studio exec responds to loan setback - Nov 09



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