Crunch At Carolco?

Carolco Pictures is asking holders of its $78.2 million outstanding 14% senior notes due 1993 to consent to certain technical amendments to the indenture. According to Carolco, if the amendments are approved by a majority, the company will make a one-time cash payment at the rate of $15 for each $1,000 principal amount of notes to noteholders who consent. One analyst said the offer appears to mean that the company is in a cash crunch.

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