Carolco Says It Is Raising $45 Million : * Entertainment: The troubled picture maker announces a tentative cash-infusion deal with foreign backers, new stock and restructured loans.

Carolco Pictures said Thursday that it has tentative agreements to receive a $45-million cash infusion from its foreign investors and restructure its credit arrangements with lenders so it can keep running.

The financially troubled movie studio--known for its big-budget action pictures such as “Terminator 2” and “Total Recall”--appeared to have gained the financial wherewithal to tide it over to the release of its next major picture this spring. “Basic Instinct,” an action film starring Michael Douglas and Sharon Stone, is slated for release in March.

But the refinancing plan is contingent upon overcoming several hurdles--lender approval, repurchase of some debt, negotiation of a new employment contract with Chairman Mario Kassar and extension of a $50-million credit line for Live Entertainment, which is 53%-owned by Carolco.

“This buys them time until the potential success of ‘Basic Instinct’ is known,” said Doug Alton, an entertainment analyst with San Francisco-based Alton Investment Co. “It that bombs, it’s unknown if the company can continue to borrow money.”

According to the proposed plan, Carolco’s foreign investors--who together own 34.8% of the studio--will loan it $32 million. The loan will be secured by Carolco’s stake in Live Entertainment, a Van Nuys-based home video distributor.

The foreign investors include the French pay-TV network Canal Plus, the Japanese electronics company Pioneer and Italy’s RCS Group. They have been pressuring Carolco to shore up its finances since they were brought aboard last year. Over the past several weeks, Carolco has laid off 25% of its employees, shrinking its work force to 150.

The cash infusion suggests that the foreign investors are increasingly asserting control. They hold four of the company’s 13 director seats and may seek to increase their representation, a source said.

But a Carolco official, speaking on condition of anonymity, countered speculation that the foreign investors had taken control of the board. “This deal is dependent upon a new employment agreement with Mario (Kassar), and he remains the largest shareholder,” the official said.

In addition to the $32-million loan, Carolco will issue $13 million in convertible preferred stock, which converts into common stock at $2.15 per share. Carolco closed Thursday at $2.50, up 50 cents in trading on the New York Stock Exchange.