Live Entertainment Seeks Outside Financial Advice

Live Entertainment, a financially ailing Van Nuys videocassette distributor, said it hired outside advisers to review its capital structure and $110 million of 14.5% senior subordinated notes.

Live, which reported a $107-million loss for all of 1991, previously said the need to restructure the notes was one of the “liquidity problems” it had to address. The company has also said it is seeking a new distribution agreement for its Live Home Video subsidiary and a new bank credit line to replace its current line that expires in December.

The advisers are Bear, Stearns & Co. and Jefferson Capital Group Ltd. Live said it would offer no assurance that any of the investment banking firms’ recommendations would be implemented.

Live also said that its chief financial officer, Theodore Bean, has resigned “to pursue other opportunities,” and has been temporarily replaced by Live Home Video’s chief financial officer, Rod Trovinger. David Campbell, a Live senior vice president, has also left the company through an early retirement agreement.

A permanent replacement for Bean is being sought, Live said. There are no plans to replace Campbell.

Live is 53% owned by Carolco Pictures Inc., a troubled film production company based in Los Angeles.