MGM to Be Sold Soon
VARIETY reports that MGM will be auctioned off in the upcoming weeks. Insiders foresee various buyers purchasing pieces of the company. One taking the MGM-UA library, one the famed logo and one the United Artists production unit. Rumors have two-time MGM owner Kirk Kerkorian might snatch up the logo again.
In summer 2008, Stephen Cooper was brought in as CEO to restructure the debt strapped company. With nearly $3.7 billion of debt, the movie studio is currently valued around $1.5 billion.
For the auction to move forward, two-thirds of the bondholders would have to agree. Some believe a planned-out bankruptcy is still possible. Insiders also say Time-Warner might still come in with a last minute buy.