Struggling MGM is looking for a buyer

0 Comments | Deseret News (Salt Lake City), Nov 14, 2009 | by Associated Press

LOS ANGELES -- 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.