Parretti Out as MGM-Pathe Chief; Alan Ladd Jr. Steps In : Entertainment: The ouster apparently was at the behest of Credit Lyonnais, the firm’s largest lender, which has agreed to provide fresh financing.

Apparently bowing to pressure from its largest lender, MGM-Pathe Communications Co. on Tuesday forced out Italian financier Giancarlo Parretti as chief executive and replaced him with Alan Ladd Jr., who had been head of the company’s film operations.

Parretti was also removed as chief executive of Pathe Communications Corp., the parent company of MGM-Pathe, and replaced by Cesare De Michelis, described as an Italian businessman and university professor.

In addition, MGM-Pathe’s largest lender, Credit Lyonnais, agreed to provide the struggling movie studio with $145 million in “additional financing.” But that loan is subject to the dismissal of an involuntary bankruptcy petition filed against MGM-Pathe by several of its creditors.

The actions, although not unexpected, appeared to signal that Parretti was being removed from any daily control over MGM-Pathe and delegated to a largely ceremonial role. Parretti remains a director and “majority shareholder” of Pathe Communications, the company said.

Credit Lyonnais bankers had been huddled at MGM-Pathe’s offices this week trying to sort out the studio’s myriad financial problems. The Paris-based bank has already lent MGM-Pathe $250 million, but sources said the bank’s exposure is actually much higher when loans to other Parretti-controlled companies are included.

What effect Tuesday’s action will have on MGM-Pathe remains to be seen. The seven-member board of MGM-Pathe is still composed entirely of Parretti appointees, but a company spokesman said there would be additional board members joining shortly. Observers expect at least one board member to be a Credit Lyonnais representative.

MGM-Pathe said it is seeking to have the creditor’s involuntary bankruptcy petition dismissed. Earlier this week, a U.S. bankruptcy judge permitted the creditors to be deposed by MGM-Pathe lawyers but denied a request to depose the creditors’ lead attorney, Stephen Chrystie, in an attempt to show that he had improperly solicited the creditors as clients.

Tuesday’s announcement also follows disclosure that the Securities and Exchange Commission has launched an investigation into Parretti’s financial dealings.