COMPANY TOWN ANNEX

Times Staff and Wire Reports

Carolco Pictures Says It Won't Make Interest Payments: The Los Angeles-based company, which has $3.3 million in interest payments due Sunday, has a 30-day grace period under the terms of its debt. Twentieth Century Fox and MCA Inc. are currently discussing buying part or all of the company--whose main asset is the development rights to various films and sequels--with a formal proposal expected as early as next week, sources close to the company said. Sources put the estimated price at about $75 million. The cash-strapped company is known for producing such box office hits as "Terminator 2: Judgment Day" and "Basic Instinct."

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