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MGM sets January 15th deadline for interested bidders

06-Jan-2010 • Bond News

Metro-Goldwyn-Mayer Inc., the film studio burdened by about $4 billion in debt, set a Jan. 15 deadline for potential buyers to say whether they are interested in acquiring the company, reports Business Week.

A dozen parties, including film studios and investment groups, have signed non-disclosure agreements allowing them to examine MGM’s finances, said a person familiar with the process, who declined to be identified because talks are confidential. The person wouldn’t name the interested parties.

MGM, home to the James Bond movies, put itself up for sale last month. Creditors of the Los Angeles-based studio hope get at least $2 billion from a single buyer or sell assets separately, people with knowledge of the situation said in November.

The Jan. 31 expiration of a forbearance on interest payments remains in place, the person said.

A Metro-Goldwyn-Mayer spokesperson had no immediate comment

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