New World Entertainment, until recently one of...

New World Entertainment, until recently one of Hollywood’s most debt-laden firms, announced that it successfully redeemed $141.5 million in bonds for 55% of their face value, or about $77.8 million. New World said the redemption was financed by GE Capital, which has increased the amount of a $35-million loan to $115 million, secured by the anticipated sale of the company’s Marvel Entertainment unit and other assets. New World Co-Chairman Harry Evans Sloan identified no potential buyer for Marvel but said information has been sent to more than 50 qualified companies. With the redemption of the bonds, New World has reduced its long-term debt to $55 million from $285 million at the beginning of the year. As part of the deal, GE’s 5% stake in the company has been increased to 15%.