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Red Mile must secure loan or close doors in 30 days

GI.Biz writes: "Red Mile Entertainment has announced that it sustained substantial operating losses of USD 35.1 million to December 31, 2008, and the company faces closure within 30 days if it cannot secure an increased line of credit.

The Sin City developer had secured USD 1 million in February 2008 from Tiger Paw Capital Corporation and, as of December 31, has withdrawn USD 500,000. However, the company is attempting to increase its line of credit or "likely cease operations"."

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