MGM watch: studio seeks another debt waiver, WSJ says

The May 8 edition of The Wall Street Journal says Metro-Goldwyn-Mayer Inc. is negotiating with creditors. The story by Mike Spector and Lauren A.E. Schuker starts like this:

Film studio Metro-Goldwyn-Mayer Inc. is in talks with creditors to get further leniency on its debt payments as the two sides continue negotiations about a restructuring plan, said people familiar with the matter.

MGM, buckling under a nearly $4 billion debt load, wants lenders to grant a waiver on debt payments until at least the end of June and perhaps longer, these people said, adding that details haven’t been hammered out. MGM’s current waiver expires at the end of next week.

The Journal story notes this is the fifth waiver request since November and matches yesterday’s story about MGM seeking would-be moguls to run the place. There’s also this reference:

The studio released only one new film last year, and a recent release, “Hot Tub Time Machine,” had a soft landing at the box office. The family controlling MGM’s “James Bond” franchise recently shelved production of the next film.

Not much more to add except to say none of this would indicate Bond 23 will get back on track anytime soon.

One Response

  1. Without sounding too pessimistic, my prognostic is this :

    – Hiatus similar of the 1989 / 95 one with same result ( change of lead actor , return to good ole tried formula )

    – End of the ultra realistic era of D.Craig’s Bond due to infinite delay between QofS and Bond23

    – Return of the fantasy larger than life 007 in next film to recapitalize on the whole franchise rather than the very last film .

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