Update on MGM’s Financial Woes
Steve Barton
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While MGM’s financial troubles are far from over, the studio has issued a statement that provides a brief update on the situation and gives us hope that the rumored “fire sale” has been forestalled and maybe, just maybe, the company won’t be going down in flames after all.
Here’s what we’ve learned: MGM said 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 it is beginning a process to explore various alternatives including operating as a standalone entity, forming strategic partnerships, and evaluating a potential sale of the Company.
Like we said, encouraging news, but MGM and the fairly high profile genre projects it has in its stable (like Joss Whedon’s Cabin in the Woods and Vadim Perelman’s Poltergist reboot) are far from out of the woods. Keep it here for more as it comes.
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