Monday, February 17, 2020

LENDERS GIVE MGM ANOTHER REPRIEVE

September 16, 2010 by · Leave a Comment 

Talk about “forbearance!” For the seventh time, MGM lenders on Wednesday agreed to allow MGM to put off interest and principal payments until Oct. 29 while Spyglass Entertainment and its backers finalize plans to take over the historic studio that has fallen on hard times. Those plans include converting debt into equity and Spyglass co-chairmen Gary Barber and Roger Birnbaum becoming the studio’s new chairmen and CEOs. It is expected that they would immediately get production plans for the Lord of the Rings prequel, The Hobbit, off the ground and also revive their James Bond franchise.