The auction of MGM has entered its second round of bidding, with approximately half a dozen potential buyers being invited back to the table. This news, courtesy of THR, comes a month after we reported that MGM lenders are growing restless with the pace (and low bid offers) of the auction. MGM is of course facing new ownership and/or restructuring, due to its massive debts.
Second round bidders include Time Warner, Lionsgate, Liberty Media and Summit Entertainment (to name a few). MGM’s financial consultant, Moelis & Co., is trying to get a quality bid on the table this month, as MGM has a big payment due to lenders on March 31st. More..