MOVIES - July 22, 1988
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About 300 films in the library of De Laurentiis Entertainment Group Inc. are the latest chunks of that troubled company to go on the selling block. British financier Michael Stevens bought the firm’s catalogue--which includes such titles as “The Graduate,” “Carnal Knowledge” and “Crimes of the Heart”--for $54 million, the company announced Wednesday. The money will be used to pay the company’s ballooning credit balance. But the company is still asking its bondholders to swap old, high-interest bonds for a mix of new bonds and new stock--a key provision of the company’s plan to get back on its financial feet.
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