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Carolco Signs Deal for DEG: Carolco Pictures signed a...

April 21, 1989

Carolco Signs Deal for DEG: Carolco Pictures signed a definitive agreement to acquire most of the business and assets of De Laurentiis Entertainment Group. Unsecured creditors will get more than $25 million in cash, certain DEG receivables and a stock interest in the reorganized company. Creditors would split $18.5 million in cash, $10 million of it from the sale of DEG's domestic film library to Paravision Communications unit of the French cosmetics giant, L'Oreal, and $8.5 million from a new loan to DEG from the Dutch branch of the French bank Credit Lyonnais. Carolco will have a 70% equity interest in the reorganized DEG in common and preferred stock.

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