In a busy day for Summit Entertainment the company confirmed major refinancing and announced it was partnering with Participant Media and Imagenation Abu Dhabi on a film about the Deepwater Horizon oil rig disaster.

The company announced on Tuesday [8] it had secured a $550m term loan and $200m revolving credit line in a deal led by JP Morgan and UBS AG.

In a separate development Summit acquired feature film rights with Participant and Imagenation to David Barstow, David Rohde, and Stephanie Saul’s New York Times article Deepwater Horizon’s Final Hour published on Dec 25, 2010.

The feature will depict the final minutes leading up to the explosion in the Gulf Of Mexico in April 2010 that resulted in the biggest oil spill in US history.

Matthew Sand is adapting the screenplay and Summit is negotiating with Lorenzo Di Bonaventura to produce following their collaboration on Red.

ICM represents The New York Times and packaged the project.

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