Scrambling For Cash At Mgm Pathe
Italian financier Giancarlo Parretti has been Hollywood's mystery man since arriving nearly three years ago. Now, the mystery is how long he'll be able to hold on to the MGM studio he acquired in November for $1.3 billion. Suffering from mounting cash-flow problems, Parretti's MGM-Pathe Communications is hustling to line up about $300 million in added capital to start work on four new movies and release others it has already completed.
The company has already postponed the Mar. 8 release of Delirious, starring John Candy, for lack of promotion and advertising funds, and it has been plagued by rumors of unpaid bills to vendors and the possible resignation of film chief Alan Ladd Jr. MGM-Pathe will say only that it's paying its suppliers "rapidly." Ladd had no comment.