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..