Carolco uses syndie proceeds for debts

As expected, Carolco Pictures has used a chunk of the proceeds from the sale of its TV syndication rights to Spelling Entertainment to pay off its bank debts.

According to documents filed with the Securities & Exchange Commission Tuesday, the debt-ridden indie used $ 26.5 million of the $ 64 million it received from Spelling to pay off prinicpal and interest on debt owed to a consortium of U.S. banks, led by Bankers Trust Co. and Chemical Bank.

Still unpaid is the $ 64 million-plus owed to foreign banks, primarily Credit Lyonnais’ Rotterdam subsidiary.

Just before the close of the sale, Carolco sources noted the proceeds would be used to pay off bank debt (Daily Variety, Aug. 28).

More Biz

  • Korean Giant to Emerge from CJ

    Korea's CJ Orders up Merger of Media and Shopping Units

    As expected, Carolco Pictures has used a chunk of the proceeds from the sale of its TV syndication rights to Spelling Entertainment to pay off its bank debts. According to documents filed with the Securities & Exchange Commission Tuesday, the debt-ridden indie used $ 26.5 million of the $ 64 million it received from Spelling […]

  • Nicolas Winding Refn, Times Bridge Invest

    Nicolas Winding Refn, India’s Times Bridge Invest in Mubi Streaming Service

    As expected, Carolco Pictures has used a chunk of the proceeds from the sale of its TV syndication rights to Spelling Entertainment to pay off its bank debts. According to documents filed with the Securities & Exchange Commission Tuesday, the debt-ridden indie used $ 26.5 million of the $ 64 million it received from Spelling […]

  • Los Angeles Women's March

    Natalie Portman, Allison Janney, Viola Davis Join Women's March Los Angeles Lineup

    As expected, Carolco Pictures has used a chunk of the proceeds from the sale of its TV syndication rights to Spelling Entertainment to pay off its bank debts. According to documents filed with the Securities & Exchange Commission Tuesday, the debt-ridden indie used $ 26.5 million of the $ 64 million it received from Spelling […]

  • Leron GublerRalph Lawler receives a Star

    Hollywood Chamber of Commerce President Announces Retirement

    As expected, Carolco Pictures has used a chunk of the proceeds from the sale of its TV syndication rights to Spelling Entertainment to pay off its bank debts. According to documents filed with the Securities & Exchange Commission Tuesday, the debt-ridden indie used $ 26.5 million of the $ 64 million it received from Spelling […]

  • CBS-Viacom Merger Talk Sows Tension Within

    Revival of CBS-Viacom Merger Talk Sows Tension Within Redstone Empire, Again

    As expected, Carolco Pictures has used a chunk of the proceeds from the sale of its TV syndication rights to Spelling Entertainment to pay off its bank debts. According to documents filed with the Securities & Exchange Commission Tuesday, the debt-ridden indie used $ 26.5 million of the $ 64 million it received from Spelling […]

  • The Pretty Reckless - Taylor MomsenThe

    Concord Completes Acquisition of Razor & Tie, Denies Label Is Shutting Down

    As expected, Carolco Pictures has used a chunk of the proceeds from the sale of its TV syndication rights to Spelling Entertainment to pay off its bank debts. According to documents filed with the Securities & Exchange Commission Tuesday, the debt-ridden indie used $ 26.5 million of the $ 64 million it received from Spelling […]

  • Shari Redstone Power of Women

    Shari Redstone Presses CBS To Consider Board Moves (Report)

    As expected, Carolco Pictures has used a chunk of the proceeds from the sale of its TV syndication rights to Spelling Entertainment to pay off its bank debts. According to documents filed with the Securities & Exchange Commission Tuesday, the debt-ridden indie used $ 26.5 million of the $ 64 million it received from Spelling […]

More From Our Brands

Access exclusive content