MGM said to seek 6th debt extension (THR)
By Nancy Tartaglione
MGM is set to request a sixth debt extension, according to The Hollywood Reporter. Lenders holding nearly $4 billion in debt are expected to agree to the extension as a full-press effort continues to finalize a restructuring proposal. The studio formally will request the latest extension about a week before the July 15 deadline, says THR.
If approved, the extension would buy MGM additional time to flesh out financial details of its corporate restructuring.
Meanwhile, speculation continues about whether the studio will sell off its share of rights to "The Hobbit" to co-production partner Warner Bros. MGM executives would like to hold onto its share of the "Hobbit" rights as long as possible, but some lenders are lobbying for a sell-off to raise funds, says THR.
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