Troubled movie studio MGM, which has been struggling to find a buyer, on Thursday received another extension on its debt repayment until mid-July.
In a statement, the studio said:
“MGM said today its lenders agreed to extend the forbearance period and therefore will not seek remedies in connection with the nonpayment of interest and principal due on the company’s bank debt, including the revolving credit facility, until July 14, 2010. The lenders took this action in support of the Company’s ongoing efforts to evaluate long-term strategic alternatives to maximize value for its stakeholders. MGM appreciates the continued support of its lender group for the process it is undertaking.”