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Indian conglomerate make an eleventh-hour bid for MGM

18-Sep-2010 • Bond News

Sahara India Pariwar, an Indian conglomerate with real estate and media holdings, says it has made a $2 billion bid to buy the debt of struggling Hollywood studio Metro-Goldwyn-Mayer Inc.

It was unclear how MGM's committee of creditors views the offer. A spokeswoman for the studio declined to comment.

The new offer, announced late Thursday, comes a day after MGM said it had gotten another extension on an agreement to put off interest payments on about $4 billion in debt until Oct. 29.

The studio has rights to the James Bond franchise and owns half of the upcoming movies based on J.R.R. Tolkien's "The Hobbit."

It is facing possible bankruptcy but has several suitors, including Spyglass Entertainment, Time Warner Inc. and Lions Gate Entertainment Corp.

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