Bankrupt Berry-Hill gets financing

Aug. 21, 2006 at 5:07 PM
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BETHESDA, Md., Aug. 21 (UPI) -- American Capital Strategies Ltd. has agreed to loan $21 million to bankrupt Berry-Hill Galleries Inc., a New York fine arts gallery.

The loan to Berry-Hill, which specializes in 18th, 19th and early 20th century U.S. paintings, is secured by Berry-Hill's Manhattan real estate and

its art inventory.

"Berry-Hill has been based in Manhattan since the 1930s and has acquired

an outstanding reputation for its expertise in early American paintings, ACS said Monday in a statement. "Its collection includes works by Winslow Homer, Frederic Church, John Singer Sargent and Jackson Pollock."

American Capital has invested approximately $4.7 billion in the last 12 months, $3 billion year to date and $549 million quarter to date.

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