Carolco Signs Deal for DEG: Carolco Pictures...

Carolco Signs Deal for DEG: Carolco Pictures signed a definitive agreement to acquire most of the business and assets of De Laurentiis Entertainment Group. Unsecured creditors will get more than $25 million in cash, certain DEG receivables and a stock interest in the reorganized company. Creditors would split $18.5 million in cash, $10 million of it from the sale of DEG's domestic film library to Paravision Communications unit of the French cosmetics giant, L'Oreal, and $8.5 million from a new loan to DEG from the Dutch branch of the French bank Credit Lyonnais. Carolco will have a 70% equity interest in the reorganized DEG in common and preferred stock.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World