VARIETY reports that MGM will be auctioned off in the upcoming weeks.
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.