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.
MGM's set March 19 as the deadline for receiving binding bids on its assets.
MGM has invited a half dozen bidders to continue participating in the studio's process of working out a sale or restructuring.
Beleaguered MGM has received two more months of exemption from debt payments so the studio can work out a sale or restructuring.
MGM's forging ahead with the auction of its assets despite indications of a less than enthusiastic response so far.
MGM had received several bids as Friday's deadline arrived for initial offers for the troubled studio.
Domestic Film DAILY
PROVIDED BY: Box Office
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