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UPDATES MGM May Get Forbearance Until Dec. 15 As On Brink Of Bankruptcy
MGM just released this official statement after my exclusive this morning:
“MGM is pleased to announce that the Company has entered into a forbearance agreement with its lender group. The Company is appreciative of its lenders' ongoing support. Under the terms of the agreement, MGM’s lender group has agreed not to enforce its rights or remedies arising as a result of the Company’s request to not currently pay interest due on September 30, October 31, and November 30, 2009.
This agreement, which expires December 15, 2009, provides MGM with additional liquidity as discussions continue regarding the development of an optimal capital structure in support of the Company’s long-term business plan. With the agreement in place, MGM has taken an important first step in ensuring that the Company has enhanced financial stability and adequate liquidity to implement its business strategies.”
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Well, it’s more of a stay of execution than a full reprieve, but it’s a start.
Let’s hope MGM can actually get something done in time to save the company.
MGM is pleased to announce…. of course they would rather not be pleased to announce, they would rather be a profitable business, but….
stick a fork in em. it’s just delaying the inevitable.
Really? You guys really think another studio shuttering is a good thing for the industry? Try this on for size: you work at an agency? That’s 1 less buyer to leverage in a bidding war. You produce? That’s one less opportunity to get your project made. You act? That’s 1 less project you could have auditioned for. And worst of all you work at a rival studio? That’s 1 less job in the city when your studio decides to either do the executive shuffle (how you doing Disney!) or go through another round of lay-offs in 5 years. If any of you think working in a Hollywood dominated by 3-5 studios is a great thing you should be fired from whatever it is you do this instant for pure stupidity. Unfortunately there’s a lot of that going around in this town.
All this just to save the annual Christmas Party?