MGM watch: another extension granted

Metro-Goldwyn-Mayer Inc.’s holding pattern continues. The studio, hobbled by debt, got a fifth extension on debt payments. Here’s the start of a Bloomberg.com story by Michael White:

May 13 (Bloomberg) — Metro-Goldwyn-Mayer Inc., the film studio that put itself up for sale after falling behind on its debt, said lenders agreed to extend forbearance on interest payments.

Creditors will waive payments until July 14, the Los Angeles-based studio said today in an e-mailed statement. The company has $3.7 billion in debt.

To view the story, CLICK HERE. The development gives MGM, which controls half of the Bond film franchise, more time to figure out its next move. That also adds to the delay time for Bond 23, currently in a state of suspended animation.

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