{"id":35827,"date":"2010-03-31T12:14:53","date_gmt":"2010-03-31T17:14:53","guid":{"rendered":"http:\/\/www.theonering.net\/torwp\/?p=35827"},"modified":"2010-03-31T12:14:54","modified_gmt":"2010-03-31T17:14:54","slug":"more-updates-on-mgm","status":"publish","type":"post","link":"https:\/\/www.theonering.net\/torwp\/2010\/03\/31\/35827-more-updates-on-mgm\/","title":{"rendered":"More Updates on MGM"},"content":{"rendered":"<p class=\"intro\"><a rel=\"attachment wp-att-35775\" href=\"http:\/\/www.theonering.net\/torwp\/2010\/03\/27\/35768-source-mgm-situation-of-great-importance-to-the-hobbit-films\/mgm\/\"><img decoding=\"async\" class=\"alignright size-full wp-image-35775 no-lazyload\" title=\"mgm\" src=\"http:\/\/www.theonering.net\/torwp\/wp-content\/uploads\/2010\/03\/mgm.jpg\" alt=\"\" width=\"108\" height=\"73\" \/><\/a>Message board members Pipe Dream and macfalk have unearthed more breaking news regarding MGM&#8217;s financial woes. A <a href=\"http:\/\/www.businessweek.com\/news\/2010-03-31\/blavatnik-s-access-said-to-consider-quitting-mgm-studio-auction.html\">Business Week\/Bloomberg update<\/a> announced that billionaire Len Blavatnik\u2019s Access Industries may drop out of the  bidding, having received no response to-date from MGM or its  creditors regarding its restructuring proposal. Another interesting development was published today at <a href=\"http:\/\/www.variety.com\/article\/VR1118017107.html?categoryid=13&amp;cs=1\">Variety<\/a>: with MGM&#8217;s latest extension on its debt servicing payment scheduled to run out today, MGM&#8217;s creditors granted yet another extension; this one for 45 days (expiring May 14).<\/p>\n<p>From both articles: lenders have deemed the current offers too low, a person with knowledge of  the deliberations said last week. MGM debtholders are said to be split into two camps \u2014 one that wants to  accept the best offer; and the other that wants to prolong the process  in hopes of keeping the studio alive. The remaining binding offers for  MGM are believed to be in the $1.5 billion range, far below the $2  billion threshold price sought by MGM and its debtholders. MGM put itself up for sale in November, drawing a trio of binding offers  two weeks ago. Lionsgate bailed out of the bidding last week, leaving  only Time Warner and Len Blavatnik&#8217;s Access Industries in the running.<\/p>\n<p>As we reported in this <a href=\"http:\/\/www.theonering.net\/torwp\/2010\/03\/27\/35768-source-mgm-situation-of-great-importance-to-the-hobbit-films\/\">TheOneRing.net exclusive<\/a>, inside sources tell us that moving forward with production of The Hobbit hinges on developments with MGM. So stay tuned here as we continue following the MGM saga closely.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Message board members Pipe Dream and macfalk have unearthed more breaking news regarding MGM&#8217;s financial woes. A Business&#8230;<\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4,498],"tags":[],"class_list":["post-35827","post","type-post","status-publish","format-standard","hentry","category-hobbit-movie","category-production-studios"],"aioseo_notices":[],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p1tLoH-9jR","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.theonering.net\/torwp\/wp-json\/wp\/v2\/posts\/35827","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.theonering.net\/torwp\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.theonering.net\/torwp\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.theonering.net\/torwp\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/www.theonering.net\/torwp\/wp-json\/wp\/v2\/comments?post=35827"}],"version-history":[{"count":0,"href":"https:\/\/www.theonering.net\/torwp\/wp-json\/wp\/v2\/posts\/35827\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.theonering.net\/torwp\/wp-json\/wp\/v2\/media?parent=35827"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.theonering.net\/torwp\/wp-json\/wp\/v2\/categories?post=35827"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.theonering.net\/torwp\/wp-json\/wp\/v2\/tags?post=35827"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}