Parretti Out as MGM-Pathe Chief; Alan Ladd Jr. Steps In : Entertainment: The ouster apparently was at the behest of Credit Lyonnais, the firm’s largest lender, which has agreed to provide fresh financing.

Bowing to pressure from its largest lender, MGM-Pathe Communications Co. on Tuesday forced out Italian financier Giancarlo Parretti as chief executive and replaced him with Alan Ladd Jr., who had been head of the company’s film operations.

Parretti was also removed as chief executive of Pathe Communications Corp., the parent company of MGM-Pathe, and replaced by Cesare De Michelis, a longtime business associate of Parretti.

In addition, MGM-Pathe’s largest lender, Credit Lyonnais, agreed to provide the struggling movie studio with $145 million in “additional financing.” But that loan is subject to the dismissal of an involuntary bankruptcy petition filed against MGM-Pathe by several of its creditors. MGM is seeking the dismissal.

The actions, although not unexpected, appeared to signal that Parretti was being removed from any daily control over MGM-Pathe and delegated to a largely ceremonial role. Knowledgeable sources said that Credit Lyonnais would not lend MGM-Pathe any more money unless Parretti stepped down.

Apparently not only the bank, but also Ladd, put pressure on Parretti. “Laddie thought he should have more say,” said one person involved in the situation. “Giancarlo wanted to have more say. Ultimately, Parretti realized that Laddie knew what he was doing.”

Parretti remains a director and “majority shareholder” of Pathe Communications, the company said.

Arlene Cattini, a spokeswoman for Parretti, said he would control three seats on the Pathe Communications board, to be held by himself, his wife, Maria, and daughter, Valentina.

Cattini said Parretti was “very, very happy” with the decision.

An MGM-Pathe insider said Parretti expects to spend more time running his newly formed Italian TV operation. Parretti did not return calls to his phone.

De Michelis, a longtime Parretti friend and business associate, is the brother of Gianni De Michelis, Italy’s foreign minister and a power in the Socialist Party.

Credit Lyonnais bankers had been huddled at MGM-Pathe’s offices this week trying to sort out the studio’s myriad financial problems. The Paris-based bank has already lent MGM-Pathe $250 million, but sources said the bank’s exposure is actually much higher when loans to other Parretti-controlled companies are included.

Jacques Griffault, a senior official with Credit Lyonnais’ Netherland branch, did not return phone calls.

Tuesday’s announcement also follows disclosure that the Securities and Exchange Commission has launched an investigation into Parretti’s financial dealings.

On Tuesday a judge in the Cook Islands also dismissed a lawsuit filed by Century Insurance claiming that it owned up to 35 million shares in MGM-Pathe stock.

But Donald A. Davies, chief executive of Century, said: “The judge has ruled that legislation (in the Cook Islands) is urgently required to cure a defect in the code of civil procedure and this is in hand and in accord with the judge’s recommendation. The case will proceed once the legislation is passed.”

Davies said he would file forms Wednesday with the Securities and Exchange Commission documenting his ownership of MGM-Pathe shares.

A cash infusion is not likely to solve all of MGM’s problems, although it will clearly be enough to let the company start releasing a backlog of 13 largely completed films. Those films were produced at a cost of $154 million, but Pathe lacked funds to promote the films.