Accord Reached on Live Entertainment Credit Line

Two lending groups would provide up to $50 million of credit to struggling Live Entertainment Inc. under tentative agreements reached between the groups and the Van Nuys-based distributor of home videos.

Live also named a new management team.

The company said its bank group, headed by Chemical Bank, agreed to extend Live’s existing credit line to July 29, 1994, up to $30 million. In the second deal, a group led by an affiliate of Japan’s Pioneer Electronic Corp. agreed to provide additional credit up to $20 million until the same date.

Both credit lines are conditioned on Live completing a previously announced restructuring of its debt.

Live is 49.9% owned by Carolco Pictures Inc., a Los Angeles film producer that is having financial problems. In December, Carolco disclosed plans for a $120-million infusion from three foreign partners--including Pioneer--and the film studio Metro-Goldwyn-Mayer Inc. in exchange for the group owning a majority of Carolco’s stock.

The three foreign partners would also gain Carolco’s stake in Live by forgiving part of an earlier $32.2-million loan they made to Carolco.

Separately, Live said Anthony J. Scotti was named its chairman, succeeding Alan Hirschfield, who resigned in June. Scotti has been an outside Live director since November, 1988.

Live also said David A. Mount, its chief executive, was given the additional post of president, a job that had been vacant since July.