French pay TV company Canal Plus, in an apparent preemptive move to make sure it gets its hands on the film library of ailing Carolco Pictures, raised its bid for the library to a steep $58 million, prompting Twentieth Century Fox Film Corp. to withdraw its offer for most of Carolco's assets.
The bidding drama took place Tuesday in U.S. Bankruptcy Court in Los Angeles, after Canal Plus initially came in with a $47-million bid for Carolco's library.
In November, Fox bid $50 million--later revised down to $47.5 million--for a larger chunk of Carolco's assets, which included the film library and development rights on some projects and sequels. Representatives of Carolco bondholders have argued since then that Fox bid too little.
Carolco filed for protection from creditors under Chapter 11 of the U.S. Bankruptcy Code in November. The company's film library includes such box-office hits as "Terminator 2: Judgment Day," "Basic Instinct" and "Total Recall." Potential bidders can submit bids until March 5.