Film Library Purchased: Color Systems Technology Inc....

Film Library Purchased: Color Systems Technology Inc. of Marina del Rey announced that General Electric Pension Trust has purchased its film library and other collateral for a $3.75-million credit against the company’s obligation due the trust. This marks the first step of an anticipated total restructuring of the remaining debt of $12.6 million. Color Systems Technology is pursuing new business and anticipates broadening its customer base for “colorization” of older theatrical films and television series. Turner Entertainment Co. has recently exercised its option to colorize an additional 12 pictures with the company.