Editel/LA, a fixture in Hollywood’s spot post community for some 26 years, is slated to shut down within the next 30 days. Al Walton, president and CEO of Editel/LA, noted that publicly traded parent company Unitel Video (ASE: UNV), "has its own set of issues and unfortunately Editel didn’t fit into their plans."
As earlier reported, the publicly traded Unitel has amassed significant debt. Recently it entered into an agreement in principle to sell its mobile TV production assets to Seattle-based National Mobile Television. At that time, Unitel CEO Barry Knepper explained that proceeds from that sale would be used to erase the majority of the company’s $40 million debt (SHOOT, 5/21, p. 7). Knepper had not returned SHOOT phone calls at press time regarding the pending closure of Editel/LA.
Walton, who’s been with Editel/LA for the past five years, said that his priorities now include properly wrapping up jobs currently at the post/effects facility and "trying to place people [Editel staffers] elsewhere."
Asked if Editel/L.A. would honor its financial obligations, Walton said: "My instructions from the parent company are that everyone will be paid."
Prior to joining Editel in ’94 as VP of sales and production, Walton spent six years as VP of CIS Hollywood. He was promoted to Editel’s presidency in ’95. Two years later, he added the CEO title when Unitel/Hollywood was merged into the Editel/LA operation (SHOOT, 5/2/97, p. 1). Walton would not speculate on his future plans, noting that he is instead focused for the present on realizing a clean, smoothly managed closure for the company.
Editel/LA was the last surviving facility in the Editel chain which at one time also encompassed studios in New York, Chicago, Boston and San Francisco.
Dan Rosen, president of New York-based Manhattan Transfer, reflected on Editel’s imminent shutdown. "I’m very sad to hear about it. The Editel companies really did represent excellence in the business," said Rosen who earlier in his career served as president of Editel/New York. "It’s obvious we are at a period of tremendous change in the business."
-Additional reporting by Carolyn Giardina
