Separate Offers From News Corp & Qualia Seek To Keep MGM Independent & Upright

Posted on February 3, 2010 by The Wire

Well, the sale of MGM just got a lot more interesting. I already know that Warner Bros, Lionsgate, Spyglass Entertainment, and others have put in first-round bids for the movie studio during this prolonged sales process. But now there are two fresh offers that would keep MGM independent and functioning.
I’ve confirmed news reports saying News Corp this week sent a letter to MGM with a non-binding offer of cash and debt assistance to the studio teetering on the brink of bankruptcy because of the $3.7 billion it owes. This came after News Corp finally agreed on January 15th to sign [...]

MGM Gets More Time From Lenders – Until March 31 – While Sale Continues

Posted on January 29, 2010 by The Wire

The studio issued the following statement: “MGM said today its lenders have agreed to extend the forbearance period until March 31, 2010. The lenders took this action in support of the Company’

UPDATE: Round 2 For MGM Bids Mid-Week; News Corp To Sign Tweaked NDA

Posted on January 15, 2010 by The Wire

UPDATE 3:30 PM: The review process for MGM will extend throughout the weekend into early next week, so the studio should know who makes the cut to Round 2 by mid-week with submitted bids. Here’s an official statement: ‘

MGM Said To Be Weighing Options, Including Sale

Posted on November 15, 2009 by The Wire

MGM_Logo In what I think is sad movie news, film giant MGM has found itself in the lions mouth, so to speak.

Facing huge debts, the movie studio says it’s weighing all options for the future - including a possible sale.

In a recent statement, movie studio Metro-Goldwyn-Mayer said it has began the process of exploring various strategic alternatives, including operating as a standalone entity, forming strategic partnerships and evaluating a potential sale of the company.

According to Variety, there has been speculation that perhaps MGM may sell off profitable assets, which include the rights to the James Bond film franchise and its ownership portion of the upcoming Hobbit films.

Stephen Cooper took over as MGM chief executive officer this summer as part of the company’s attempts to restructure nearly $3.7 billion in debt.

MGM Claims Forbearance Until January 31 & Start of Process To Sell/Partner Studio

Posted on November 13, 2009 by The Wire

November 13, 2009 — MGM said today its lenders have agreed to extend the forbearance until January 31, 2010. The lenders took this action in support of the Company’

MGM May Get Forbearance Until Dec. 15 As It Teeters On Brink Of Bankruptcy

Posted on October 1, 2009 by The Wire

UPDATES MGM’s Plea To Bondholders To Stay Alive
EXCLUSIVE: On September 23rd, I broke the story that MGM made a phone plea to its equity and bond holders to stay alive, that both The Hobbit and James Bond franchises were in peril, that irate bondholders told the studio to go bankrupt, and that MGM called that [...]

EXCLUSIVE DETAILS: MGM Makes Phone Plea To Bondholders For Millions To Stay Alive; Both 'Hobbit' And James Bond In Peril; Bondholders Tell Studio To Go Bankrupt; MGM Calls That Worst Possible Outcome

Posted on September 24, 2009 by The Wire

I’ve collected several knowledgeable accounts of what happened during yesterday’s multi-hour contentious MGM conference call with bondholders who were “very loud and very upset”. Here’s why:
The call was for the benefit of the lenders, and MGM management made the presentation along with Stephen F Cooper, that Zolfo Cooper restructure specialist. MGM made a desperate plea for money because the studio [...]

EXCLUSIVE DETAILS: MGM Makes Phone Plea To Bondholders To Stay Alive; Both 'Hobbit' And James Bond In Peril; Bondholders Tell Studio To Go Bankrupt; MGM Calls That Worst Possible Outcome