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MGM Gets Another Reprieve From Lenders

Debt repayment deadline extended to May 14

MGM said Wednesday that its lenders have extended the deadline for repayment of its debt to May 14.

The previous deadline was March 31.

In a statement, the company 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, through May 14, 2010. The lenders took this action in support of the Company’s ongoing efforts to strengthen its financial position, and MGM appreciates their continued support throughout the process.”

The company has received buyout bids from Time Warner and Len Blavatnik’s Access Industries.