{"id":38601,"date":"2010-09-15T18:34:19","date_gmt":"2010-09-15T23:34:19","guid":{"rendered":"http:\/\/www.theonering.net\/torwp\/?p=38601"},"modified":"2010-09-15T19:55:38","modified_gmt":"2010-09-16T00:55:38","slug":"mgm-gets-yet-another-loan-extension","status":"publish","type":"post","link":"https:\/\/www.theonering.net\/torwp\/2010\/09\/15\/38601-mgm-gets-yet-another-loan-extension\/","title":{"rendered":"MGM gets yet another loan extension"},"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>Once again, reported by multiple sources, MGM&#8217;s due date for debt has been extended. Today&#8217;s September 15 has turned into tomorrow&#8217;s October 29, but that date will likely not matter either.  <a href=\"http:\/\/www.hollywoodreporter.com\/hr\/content_display\/news\/e3ic5827d475c9bb436b8ac3ee2d2422c48\" target=\"_blank\">The Hollywood reporter says<\/a>:<\/p>\n<blockquote><p>As expected, more than 100 holders of almost $4 billion in MGM have agreed to a seventh debt forbearance agreement with the Century City-based studio. The Lion now has until Oct. 29 to pay lenders $250 million in principal and more than $450 million in owed interest.<\/p>\n<p>But it&#8217;s likely the payments never will be made, as the struggling Lion is expected to creep into bankruptcy court before that with a plan for turning debt into lender equity.<\/p><\/blockquote>\n<p>This may not mean more delays for &#8216;The Hobbit&#8217; as there seems to be a plan and leadership at work. As reported last week and updated in the <a href=\"http:\/\/latimesblogs.latimes.com\/entertainmentnewsbuzz\/2010\/09\/mgm-receives-seventh-forbearance-on-debt-payments.html\" target=\"_blank\">L.A. Times blog<\/a>:<\/p>\n<blockquote><p>MGM signed a nonbinding letter of intent with Spyglass founders Gary Barber and Roger Birnbaum to take over management of the Century City-based studio. That deal must be ratified by MGM&#8217;s board of directors and more than 100 creditors, who are expected to swap their debt for equity as part of a prepackaged bankruptcy proceeding.<\/p><\/blockquote>\n<p>Stay tuned!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Once again, reported by multiple sources, MGM&#8217;s due date for debt has been extended. Today&#8217;s September 15 has&#8230;<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"jetpack_post_was_ever_published":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}},"categories":[4,1156,498],"tags":[],"class_list":["post-38601","post","type-post","status-publish","format-standard","hentry","category-hobbit-movie","category-mgm-production-studios-production","category-production-studios"],"aioseo_notices":[],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p1tLoH-a2B","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.theonering.net\/torwp\/wp-json\/wp\/v2\/posts\/38601","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\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.theonering.net\/torwp\/wp-json\/wp\/v2\/comments?post=38601"}],"version-history":[{"count":0,"href":"https:\/\/www.theonering.net\/torwp\/wp-json\/wp\/v2\/posts\/38601\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.theonering.net\/torwp\/wp-json\/wp\/v2\/media?parent=38601"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.theonering.net\/torwp\/wp-json\/wp\/v2\/categories?post=38601"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.theonering.net\/torwp\/wp-json\/wp\/v2\/tags?post=38601"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}