MGM lenders getting anxious
With a dearth of second-round activity in MGM’s search for a buyer, there is increasing likelihood that the studio will undergo a bankruptcy reorganization. Six suitors are conducting additional due diligence, which includes management presentations of detailed financial information about the Century City studio. But a deadline on second-round bids hasn’t been set following receipt last month of a dozen nonbinding offers in an initial round of bidding best described as underwhelming.
MGM consultant Moelis & Co. invited just half of those making first-round offers to participate in the next phase of the process, including Time Warner, Lionsgate and Access Industries, with Qualia Capital still circling but not actively involved. More..Posted in Studios on February 21, 2010 by xoanon