Cash-strapped Carolco Pictures is trying to sell its interest in the big-budget film "Showgirls" to Metro-Goldwyn-Mayer so it can fund another big-budget film, "Cutthroat Island," documents filed Monday with the U.S. Securities and Exchange Commission show.
The documents reveal that Carolco's cash situation is precarious and that several steps to ease its liquidity crunch must occur if the company is to have sufficient money for "Cutthroat Island."
The company said that if it cannot achieve its goals, it will probably be forced to stop production of "Cutthroat Island" and "Showgirls." It also suggested that if it cannot pull the financing together, it will be unable to meet its other obligations and "may be unable to continue to operate as a going concern."
Sources say Carolco missed a payment Friday to actress Geena Davis, who is scheduled to star in "Cutthroat Island." A Carolco spokesman did not return telephone calls.