Company Town

Film: Ailing Carolco Pictures’ planned summer release of the big-budget “Cutthroat Island,” directed by Renny Harlin and starring his wife, Geena Davis, as a noblewoman-turned-swashbuckler, has been pushed back to the Christmas season. Andy Fogelson, Carolco marketing chief, told reporters that the company has decided with MGM, the film’s domestic distributor, to delay the opening to give Harlin more time for post-production and MGM more time to market the film. Fogelson confirmed published reports that the film’s budget was between $60 million and $70 million. “We have not gone over budget,” Harlin said. Meanwhile, Carolco said it won’t make the interest payments on its notes due today. The notes will go into default if the payments aren’t made within a 30-day grace period. Finally, Japanese electronics giant Pioneer Electronic Corp. said it will write off $90 million stemming largely from its investment in Carolco Pictures and partly from an investment in Live Entertainment.