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Ciao, Giancarlo


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CIAO, GIANCARLO

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


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