Interesting to read in Business Week that MGM loans are now trading at 43 cents in the dollar, down from 65 cents at the beginning of 2010 and now valuing the company at $1.6 billion, just a shade above Time Warner’s reported bid of $1.5 billion. The studio’s lenders are now in a battle with […]
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MGM’s management and creditors are reportedly divided over the best plans to take the troubled studio forward. Hedge funds control a large amount of the studio’s debt and are ignoring Time Warners bid that has been on the table since March. Meanwhile management want to go ahead with a restructuring plan to raise $1 billion. […]
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Lenders agreed to extend the period for debt repayment for a fifth time to allow the troubled studio to arrange its affairs prior to a sale – or more likely now, a pre-packaged bankruptcy.
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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 debt extension
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Three potential backers are understood to have participated in the second round of bidding for MGM, which closed yesterday after being extended from Friday 19th March. Lions Gate Entertainment, Time Warner and Access Industries are all understood to have participated in the auction, although the offers they have made fall some way short of what […]
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According to a story posted in Variety yesterday troubled Hollywood studio MGM has set March 19th as the closing date for bids on its assets. Six bidders were invited to participate in this second round of bidding after allowing them access to internal accounts. Two of these bidders are believed to be Time Warner and […]
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