COMINGSOON.NET [1] has a statement from MGM that confirms the studio may indeed be auctioned off in a matter of weeks.
Here's the official statement:
"MGM said today its lenders have agreed to extend the forbearance until January 31, 2010. The lenders took this action in support of the Company's ongoing efforts to develop and evaluate long-term strategic alternatives to maximize value for its stakeholders. MGM appreciates the continued support of its lender group for the process it is undertaking. MGM also said today it is beginning a process to explore various strategic alternatives including operating as a standalone entity, forming strategic partnerships and evaluating a potential sale of the Company."
Links:
[1] http://www.comingsoon.net/news/movienews.php?id=60902