COMPANY TOWN ANNEX
From Times Staff and Wire Reports
Carolco Lowers Restructuring Threshold: The big-budget film producer, trying hard to obtain permission of its bondholders for a major financial restructuring, said it has lowered the minimum criteria needed to approve the plan and also extended its deadline for its exchange offer on its notes. The company said holders of only 65% of its 14% notes will be needed to approve the restructuring, compared to 75% before, and 77% of its 13% notes, compared to 85% before. The new deadline is Oct. 15. As of Friday, Carolco would have approval under the revised criteria.
