Movies

Another extension comes MGM way

MUMBAI: MGM has been given another postponement of its more than $450 million in debt payments.


More than 100 MGM holders of almost $4 billion have agreed to a seventh debt forbearance agreement with the studio. Now the studio has time until 20 October to pay lenders $250 million in principal and more than $450 million in owed interest.


But it‘s likely that MGM will tap the bankruptcy court before with a plan for turning debt into lender equity. Spyglass Entertainment would come in as an almost 5 per cent stakeholder in MGM as part of the plan with Spyglass co-toppers Gary Barber and Roger Birnbaum installed as co-chairmen and co-CEOs.


The duo recently signed a letter of intent to that effect and now are continuing due diligence on MGM financials in an effect to flesh out the studio‘s new business plan. Lenders eventually must vote to approve the bankruptcy reorganization plan.


Current MGM owners including Providence Equity, TPG Capital, Sony, Comcast, DLJ Merchant and Quadrangle likely would see their equity positions in the studio wiped out in a restructuring.


The previous forbearance agreement expired on Wednesday.
 

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