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Carolco to file disposition plan

Attorneys for Carolco Pictures, the big-budget indie that slid into Chapter 11 last year, are expected to file plans today with federal district bankruptcy court for the final disposition of the company’s remaining assets and recovery of outstanding debt. With court confirmation and the approval of Carolco’s approximately 2,000 creditors, the plan would go into effect early next spring.

According to Howard Weg, bankruptcy counsel to Carolco, the plan calls for placing all of the company’s assets in a self-liquidating trust, settling disputes over distribution revenues with TriStar and Pioneer and whittling down claims against the company.

Under the plan, said Weg, Carolco’s unsecured creditors are likely to recover from 50¢ to 90¢ on the dollar.Sales of Carolco assets, including its film library, a studio in North Carolina, remake rights and development projects have so far yielded $70 million.

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