MGM has made it official, formally launching the process of asking its debtholders to approve a pre-packaged bankruptcy plan.
Lenders for MGM have agreed to forgive debt payments for the seventh time in a year, giving the storied studio six more weeks of breathing room to restructure.
Spyglass toppers' Gary Barber and Roger Birnbaum have signed a non-binding letter of intent to become co-chairmen and co-CEOs of troubled MGM.
MGM's received a sixth extension on debt payments from its creditors, who have opted to give the beleaguered studio two months of breathing room until Sept. 15.
Following through on its 10-day truce with Carl Icahn, Lionsgate has been meeting with MGM debtholders about a possible merger.
The MGM saga looks likely to be prolonged for awhile as it continues its search for a savior.
MGM has received two more months sort out its future, obtaining a fifth extension on its debt payments in order to support the studio's ongoing efforts to improve its financial position.
MGM's received another month and a half of relief from payments on its debt, with its lenders agreeing to skip receiving payments until mid-May.
Lionsgate's reportedly pulling the plug on its efforts to buy MGM, leaving only Time Warner Inc. and Access Industries as bidders for the beleagurered studio.
The long-running drama over the fate of MGM will last a little longer.
Carl Icahn's decision to launch a hostile takeover of Lionsgate has raised doubts among some financial analysts, who question whether his bid of $6 per share is sufficient.