Recent reports that the new Muvico theaters in Thousand Oaks are already in trouble financially are incorrect, a company spokesperson has said.

The Florida-based Muvico Theaters company is behind on payments for a $60-million line of credit held by New York affiliates of iStar Financial, a real estate investment trust, but the Florida corporation isn't the same group as the Thousand Oaks company, CEO Jeff Whalen said.

"The entity that owns the Thousand Oaks theater is a separate legal entity that is not at all related to the Muvico that has credit with iStar," Whalen said.

As a result of the iStar credit problems, the Muvico theater chain is near bankruptcy.

The Thousand Oaks Muvico remains unaffected, however.

"We have to refinance and work with the lender. That could include asset sales, but not the Thousand Oaks location," Whalen said.

Creditor iStar Financial didn't immediately return calls.

"This has had no bearing or effect on The Oaks. It's business as usual, with no effect on our current operations," said Nicole Flynn, senior marketing manager of The Oaks mall where the cineplex was built.

The Thousand Oaks theaters are off to a good start, Flynn said.

"It's been great. Muvico has been wonderfully received by the community, and everybody says it's been a wonderful experience," she said. "The theater and restaurant have been exceeding expectations."

Muvico opened last month, treating local moviegoers to turnofthecentury Parisian decor and a choice of upscale seating packages.