Lion lands a reprieve

MGM gets to skip three interest payments on debt

MGM will be allowed to skip three interest payments due on its $3.7 billion debt load.

Lion confirmed the agreement with its lenders in a statement issued on Thursday afternoon.

“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 Sept. 30, Oct. 31 and Nov. 30, 2009,” the statement said.

The agreement expires on Dec. 15, but gives MGM short-term breather as it continues to figure out how to move forward.

Company recently replaced CEO Harry Sloan with restructuring specialist Stephen Cooper (Daily Variety, Aug. 19).

Lion’s only theatrical release of the year, “Fame,” bowed on Sept. 25 and has grossed $11.5 million to date.

More Scene

  • Tesse Restaurant Opens on L.A.'s Sunset

    Tesse Restaurant Takes on the Challenge of Making the Sunset Strip Hip Again

    MGM will be allowed to skip three interest payments due on its $3.7 billion debt load. Lion confirmed the agreement with its lenders in a statement issued on Thursday afternoon. “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 […]

  • Tiffany Haddish

    MTV Movie and TV Awards: The 10 Standout Moments

    MGM will be allowed to skip three interest payments due on its $3.7 billion debt load. Lion confirmed the agreement with its lenders in a statement issued on Thursday afternoon. “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 […]

  • Michael B. Jordan

    'Black Panther,' 'Stranger Things' Reign at 2018 MTV Movie and TV Awards (Full List)

    MGM will be allowed to skip three interest payments due on its $3.7 billion debt load. Lion confirmed the agreement with its lenders in a statement issued on Thursday afternoon. “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 […]

  • Brandon Flynn, Timothy Granaderos, Alisha Boe,

    Alisha Boe Says Brock Turner Case Was Her 'Bible' for '13 Reasons Why' Season 2

    MGM will be allowed to skip three interest payments due on its $3.7 billion debt load. Lion confirmed the agreement with its lenders in a statement issued on Thursday afternoon. “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 […]

  • Yara ShahidiMTV Movie & TV Awards,

    Yara Shahidi, Noah Schnapp, More Talk the Dangers of Social Media at MTV Awards

    MGM will be allowed to skip three interest payments due on its $3.7 billion debt load. Lion confirmed the agreement with its lenders in a statement issued on Thursday afternoon. “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 […]

More From Our Brands

Access exclusive content