LOS ANGELES (AP) - Struggling movie studio Metro-Goldwyn-Mayer
Inc. is looking for a buyer.
The home of the James Bond and Pink Panther franchises said
Friday it has begun to explore strategic options including "a
potential sale of the company."
In a statement, MGM also said its lenders have agreed to grant
the company another brief respite until the end of January from
interest payments on nearly $4 billion in debt.
The studio owes $3.7 billion to a total 140 lenders in the form
of bonds maturing in mid-2012.
It also has a $250 million revolving credit facility with
JPMorgan due in April.
MGM was taken private for nearly $5 billion in 2005 by a group
of private equity firms, Sony Corp. and Comcast Corp.
(Copyright 2009 by The Associated Press. All Rights Reserved.)