Movies

Fifth extension to MGM in debt recovery case

MUMBAI: In debts of over more than $ 400 million, MGM has won a fifth extension in terms of deadlines.


The studio had initially tried unsuccessfully to find a buyer for the studio and more recently has been searching for new equity investors to assist in a massive restructuring.


The studio and its lenders also have been meeting with industry VIPs such as Peter Chernin, Roger Birnbaum and others for input on its restructuring plans.


The latest deadline gives MGM time till 14 July to make payments to a large group of lenders who are expected to end up with the majority of studio equity following a likely bankruptcy.


MGM has been under a 15 May debt-payment deadline following the failure of previous extensions of separate deadlines on principal and interest payments.


"Lenders agreed to extend the forbearance period and therefore will not seek remedies in connection with the nonpayment of interest and principal due on the company‘s bank debt," the studio announced in a brief press statement.


Time Warner topped bidders in a failed MGM auction with a $1.7 billion offer, but the Warner Bros. parent isn‘t interested in partial ownership. On the other hand, TW could re-engage with the Lion at any point to negotiate a modestly increased bid for the entire studio.


MGM‘s owners include Providence Equity, TPG Capital, Sony, Comcast, DLJ Merchant and Quadrangle.
 

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