The lack of financing led Image Entertainment Inc. to terminate its proposed merger with a private equity. Chatsworth-based Image notified BTP Acquisition Co. LLC on Feb. 5 it was backing out of the deal agreed to in June. The deal would have given BTP a controlling interest in the home entertainment production and distribution company. Image, however, would have remained a publicly traded company. The closing date on the agreement was extended more than six months to allow BTP to finalize financing needed to complete the merger. “We are very disappointed that despite Image’s willingness to close the merger and enormous patience, BTP was either unable or unwilling to finance the transaction,” an Image spokesperson said in a prepared statement. Image seeks a $4.2 million business interruption fee required by the merger agreement.
