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MGM Catches Reprieve from Lenders, Part Deux

Photo of Anne Thompson By Anne Thompson | Thompson on Hollywood November 14, 2009 at 2:42AM

For the second time, MGM is catching a break from its lenders, as the venerable studio officially goes on the block. It has been fighting to stay in business, while keeping up with even the interest owed on its staggering $3.7-billion debt. So far MGM has avoided being forced into bankruptcy by its creditors, which would have decreased the value of the company, which still owns a 4,000-title movie library as well as the Bond and Pink Panther franchise. UPDATE: Potential buyers include Lions Gate, Time Warner and Viacom.
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Thompson on Hollywood

For the second time, MGM is catching a break from its lenders, as the venerable studio officially goes on the block. It has been fighting to stay in business, while keeping up with even the interest owed on its staggering $3.7-billion debt. So far MGM has avoided being forced into bankruptcy by its creditors, which would have decreased the value of the company, which still owns a 4,000-title movie library as well as the Bond and Pink Panther franchise. UPDATE: Potential buyers include Lions Gate, Time Warner and Viacom.

The following statement indicates that the company will be relieved of another interest payment:

MGM said today its lenders have agreed to extend the forbearance until January 31, 2010. The lenders took this action in support of the Company’s ongoing efforts to develop and evaluate long-term strategic alternatives to maximize value for its stakeholders. MGM appreciates the continued support of its lender group for the process it is undertaking. MGM also said today it is beginning a process to explore various strategic alternatives including operating as a standalone entity, forming strategic partnerships and evaluating a potential sale of the Company.

This article is related to: Studios, MGM/UA


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Thompson on Hollywood

Born and raised in Manhattan, Anne Thompson grew up going to the Thalia and The New Yorker and wound up at grad Cinema Studies at NYU. She worked at United Artists and Film Comment before heading west as that magazine's west coast editor. She wrote for the LA Weekly, Sight and Sound, Empire, The New York Times and Entertainment Weekly before serving as West Coast Editor of Premiere. She wrote for The Washington Post, The London Observer, Wired, More, and Vanity Fair, and did staff stints at The Hollywood Reporter and Variety. She eventually took her blog Thompson on Hollywood to Indiewire. She taught film criticism at USC Critical Studies, and continues to host the fall semester of “Sneak Previews” for UCLA Extension.