MGM Gets Month-Plus Reprieve
Creditors have given MGM an additional month and a half reprieve from paying on its debt, reports VARIETY. This is the fourth such extension since September. The move gives CEO Stephen Cooper more time to restructure the company and/or find a buyer. Additionally, MGM will not make payment on its revolving credit line next week either.
Time Warner and Len Blavatnik's Access Industries are still in a bidding war for the company. Some of the firm’s creditors are eager to take the best offer from a buyer, while others are more geared toward getting cash infusions from partners to keep the company independent.