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Bankrupt De Laurentiis Merges With Carolco: Under...

From Times Staff and Wire Reports

Bankrupt De Laurentiis Merges With Carolco: Under terms of its reorganization plan, De Laurentiis Entertainment Group Inc. has merged with Carolco Pictures Inc. Under the arrangement, 35% of De Laurentiis’ common shares were issued to Carolco, with the remainder going to the liquidation estate to pay off court-approved creditors. Carolco also received 10,750 shares of Class A preferred De Laurentiis stock. Shareholders of De Laurentiis prior to the merger will receive no distribution under the plan, the two companies announced.


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