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MGM Teetering on Bankruptcy

September 25, 2009 at 10:29 am by Altaira  - 

MGM LogoMGM’s financial woes continue to worsen according to Nikki Finke over at Deadline Hollywood. MGM had a conference call yesterday with its bond holders for the benefit of the lenders: “MGM made a desperate plea for money because the studio had missed its numbers and was going to be out of funds very soon. “The implication was that it’s teetering on bankruptcy,” one source told me. MGM said it needed $20M in short-term cash flow to cover overhead, and an additional $150 million to get through the end of year and continue funding its projects, and to start Peter Jackson’s Hobbit.” Read More

Posted in Hobbit Movie, Studios, The Hobbit on September 25, 2009 by
MGM Teetering on Bankruptcy | Discuss

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