In Business This Week
Giancarlo Parretti's entertainment empire has been pulled out from under him. Five months after buying MGM/UA Communications for $1.3 billion, Parretti was forced out as head of the studio by Credit Lyonnais, his largest lender.
The French banking giant said it would advance the flop-ridden studio an additional $145 million, but only if filmmaker Alan Ladd Jr. replaced Parretti and the company resolved involuntary bankruptcy suits filed against it by vendors. Parretti will remain on MGM/UA's board.EDITED BY HARRIS COLLINGWOOD