Fifth debt extension for MGM

Following the news last month that Bond 23 had been out on hold indefinitely, MGM’s lenders are expected to vote in favour of yet another extension to debt repayment in order to give the steering committee breathing space in which to work on the studio’s future.

This fifth repayment extension will be voted on during a meeting between principal lenders on Monday and a broader group of lenders will also be asked to vote electronically. Previous repayment extensions include the delayed repayment of $400 million in interest and principal payments to May 15th.

Meanwhile Time Warner’s CEO Jeff Bewkes said that buying MGM might make sense at the right price. Time Warner submitted the highest bid for the studio in March, and has indicated that it is not interested in partial ownership.

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