Nicolas Cage sued for defaulting on loan

WENN

Nicolas Cage is facing a lawsuit after allegedly failing to repay a loan.

E! Online reports that the actor is being sued for breach of contract after defaulting on the $2m (£1,255,500) loan.

Court documents state that East West Bank extended Cage a $2m line of revolving credit in August 2007, which would mature a year later.

He asked for a three-month extension, but defaulted on the loan in November 2008. He then entered into an agreement which would see him pay back $1,953,732.94 (£1,226,455) by January 2011.

However, Cage allegedly stopped making his monthly payments of $11,590.82 (£7,275) in May.

He also missed the October 1 deadline to pay $100,000 (£62,775) in outstanding principal sums and interest. The lawsuit was filed a day later.

Cage's spokesperson did not reply to a request for comment.