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In a development that’s hardly surprising, MGM has received more time from its lenders to figure out its ownership and try to make the Lion roar again. This follows an auction that amounted to a bottom-feeding frenzy in which suitors looked over the studio’s assets that include James Bond, a half-share of The Hobbit, and other franchises and a library. But the bids that came in would not even have halved the MGM debt load. The Studio just issued this statement:
“MGM said today its 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, including the revolving credit facility, through May 14, 2010. The lenders took this action in support of the Company’s ongoing efforts to strengthen its financial position, and MGM appreciates their continued support throughout the process.”
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One thing MGM could do is get a NEW LION. That one looks like it’s either very young and has no mane, or very old and it’s losing its hair! Not very impressive. 20th Century Fox and Disney have updated their logos, and it’s way past time that MGM did likewise.
They did make the gold in the logo shiner.
Wingnut, MGM restored the logo back in the fall of 2008, made it’s debut on Quantum of Solace. Same lion, but looks so much nicer and maintains a link to the company’s historic past, this Leo has been on the logo since 1957. I love that they didn’t change it, if you look back, the logo has stayed pretty consistent since it was first designed back in 1916 for Goldwyn.
The lenders will take the Hot Tub Time Machine and go back to the glory days of MGM…
Makes sense. The market appears to be getting stronger (vs a year ago). Any ideas on how they plan to strengthen their financial position?
No longer Roar.
More like Meow.
Sad.
The California Government is driving Hollywood out of California. MGM is but ONE of the companies which the California “leaders” have ruined. Time FINALLY to give BIG incentives for big budget movies to not only MGM, but all the majors. Will they ever learn – these corrupt idiots? Sadly, after all industry has gone, I fear. But hey-we’ll still have the Mexican drug cartels here and the illegals here, who pay in cash, contribute nothing to the economy, murder our families, addict our kids. Then if the dolts in government achieve amnesty, they’ll get more voters for their cause to drive this state further into hell. Boxer, Pelosi, Waxman, Villaragosa, and Schwartzenneger and all the rest too numerous to name are just so smart. They obviously think we are the idiots. Yes I am ranting because I am at my wit’s end. I’ve lived in this state for over 40 years and cannot believe the destruction these few people have done to our great state.
Wow, you clearly don’t work in the industry. Box Office ticket sales are up. Film starts in LA are up. The problems of this studio and actaully of this industry are not the fault of politicians. Do your research. Government may have issues here, I’m not debating that, but you can’t blame government for everything – that just gives us all a pass we don’t deserve.
Let me contribute to this argument so we can get this tangential post removed:
When you go off to work to waste time in front of your computer, your illegals are running errands for you, making your neighborhood look pretty and are taking care of the children you should be spending more time with.
Here here. Tracy is a racist. The posting is just sad. Hispanic people have done far more to support California than Tracy is giving them credit for. The melding of peoples and cultures in this country is an ongoing fact. Get used to it. It is no longer the land of “real Americans”; it is the land of all who live, raise families, and work here. What is truly scary is the sharp contrast today between the Right Wing and the rest of us. One might suggest that the seeds of this were planted at the end of the 18th Century–seeds that flowered in the form of the Civil War. Racist, Right Wing rantings need to be shouted down loudly. The rage of folks like Tracy and Glenn Beck is quite disturbing. Tracy, shame, shame on you. You are a racist for posting garbage like you did.
Huh? Is this comment a reflection of the Tea Party in action? The reason why MGM is insolvent is the purchase price for the company agreed to by the private equity investors, and the resulting amount of the debt that was put on the balance sheet. The purchase price was based on a valuation that turned out to be way to high. DVD demand wasn’t there for the library titles, and the domestic distribution strategy (rent-a-system) was a failure. This has absolutely nothing to do with public policy. It has to do with wishful thinking by all involved. It may have sounded like a good idea at the time, and smart people were certainly involved, but no matter how well-intentioned, they were wrong. It happens. Next thing we’ll read is a response by the Michigan Militia. Brother.
Oh, and I think Tracy is, indeed, an idiot. The reason California is a Third World State is Proposition 13. I’m sure Tracy voted for that one.
Thanks for the rant teabagger.
Is there a reason why several studios can’t buy off MGM’s various rights individually to pay off this debt? Because no single one is going to shell out for the whole shebang. This is beyond ridiculous now. So what if it was once a power studio? Clearly, not anymore. There’s no glory in prodding a dead lion. Liquidate the assets and be done with it.
what does MGM’s bankruptcy have to do with drug cartels and drug addiction and murdering families? really, I would like to understand the drudge reader mindset better.
So if hot tub time machine doesn’t hold this weekend are we looking at Armageddon?
How about MGM, producing some blockbuster entertainment projects, and just paying their bills with box office? It might seem unrealistic in today’s world but there is plenty of creative talent both artistic and technical to tap into….maybe some creative accounting could be brought in to print some studio scrip redeemable after the pictures are released??? Is this idea too radical? Making pictures that pay!??????Wolfgang