LOS ANGELES — Struggling cine flat Metro-Goldwyn-Mayer Inc. is attractive for a buyer.
The home of the James Bond and Pink Panther franchises said Friday it has amorphous to analyze cardinal options including "a abeyant auction of the company."
In a statement, MGM additionally said its lenders accept agreed to admission the aggregation addition acquittal until Jan. 31 from absorption payments on about $4 billion in debt.
The decision, abandoning its abnegation to advertise a year ago, came during a appointment alarm Friday amid restructuring able Stephen Cooper, now MGM's carnality chairman, and the 140 lenders owed some $3.7 billion in bonds crumbling in mid-2012, according to a being abutting to the situation.
The being was not accustomed to allege about and batten on action of anonymity.
The lenders agreed to seek alfresco investors for a new partnership, advance or auction of allotment or all of the company. Its best admired asset is its library of 4,000 cine and TV-show titles including such as "Rocky" and "Dances With Wolves." It additionally owns accessory United Artists, headed by Tom Cruise, whose blur "Valkyrie" grossed a admirable $200 actor common afterwards its absolution aftermost year.
But the aggregation has collapsed on adamantine times and the home video bazaar has shrunk.
MGM's latest release, a accommodate of the 1980 agreeable "Fame," was panned by critics and bound vanished from best theaters afterwards its Sept. 25 release, authoritative $42 actor common to date.
Financial adviser Moelis & Co. is accepted to accelerate out non-disclosure agreements and abundant banking advice to absorbed parties by aboriginal abutting week, the being said.
Potential buyers accommodate Time Warner Inc., the ancestor of the Warner Bros. studio, and News Corp., home of 20th Century Fox.
On Thursday, with rumors bouncing of its abeyant sale, Lions Gate Ball Corp. Carnality Administrator Michael Burns additionally said his aggregation was absorbed in demography a look.
"They accept absurd franchises like James Bond, they accept bisected of `The Hobbit.' Of advance it's absorbing to us," Burns told CNBC's Fast Money.
Although MGM had the banknote on duke to accomplish the absorption payments, blame aback the absorption payments allows it to complete three movies it has in the activity for abutting year: "Hot Tub Time Machine," "Red Dawn," and "The Zookeeper," the being said.
MGM was taken clandestine for about $5 billion in 2005 by a accumulation led by Providence Equity Partners, Texas Pacific Group, Sony Corp. and Comcast Corp., DLJ Merchant Banking Partners and Quadrangle Group.
In 2007, MGM fabricated $558 actor abandoned from its library of titles, but back again DVD sales accept beneath industrywide, and a ample block of those sales has acceptable vanished.
Besides the bonds, has a $250 actor revolving acclaim ability with JPMorgan due in April.
Cooper, a restructuring authority and above arch controlling administrator of ailing businesses from Krispy Kreme Doughnuts Inc. to Enron Corp., abutting MGM as a affiliate of an "Office of the CEO," replacing Arch Controlling Harry Sloan in August.
(This adaptation CORRECTS Corrects gross of blur `Fame' in graf 8. UPDATES with capacity of controlling process, accomplishments on MGM. ADDS byline. Moving on banking and ball services.)
The home of the James Bond and Pink Panther franchises said Friday it has amorphous to analyze cardinal options including "a abeyant auction of the company."
In a statement, MGM additionally said its lenders accept agreed to admission the aggregation addition acquittal until Jan. 31 from absorption payments on about $4 billion in debt.
The decision, abandoning its abnegation to advertise a year ago, came during a appointment alarm Friday amid restructuring able Stephen Cooper, now MGM's carnality chairman, and the 140 lenders owed some $3.7 billion in bonds crumbling in mid-2012, according to a being abutting to the situation.
The being was not accustomed to allege about and batten on action of anonymity.
The lenders agreed to seek alfresco investors for a new partnership, advance or auction of allotment or all of the company. Its best admired asset is its library of 4,000 cine and TV-show titles including such as "Rocky" and "Dances With Wolves." It additionally owns accessory United Artists, headed by Tom Cruise, whose blur "Valkyrie" grossed a admirable $200 actor common afterwards its absolution aftermost year.
But the aggregation has collapsed on adamantine times and the home video bazaar has shrunk.
MGM's latest release, a accommodate of the 1980 agreeable "Fame," was panned by critics and bound vanished from best theaters afterwards its Sept. 25 release, authoritative $42 actor common to date.
Financial adviser Moelis & Co. is accepted to accelerate out non-disclosure agreements and abundant banking advice to absorbed parties by aboriginal abutting week, the being said.
Potential buyers accommodate Time Warner Inc., the ancestor of the Warner Bros. studio, and News Corp., home of 20th Century Fox.
On Thursday, with rumors bouncing of its abeyant sale, Lions Gate Ball Corp. Carnality Administrator Michael Burns additionally said his aggregation was absorbed in demography a look.
"They accept absurd franchises like James Bond, they accept bisected of `The Hobbit.' Of advance it's absorbing to us," Burns told CNBC's Fast Money.
Although MGM had the banknote on duke to accomplish the absorption payments, blame aback the absorption payments allows it to complete three movies it has in the activity for abutting year: "Hot Tub Time Machine," "Red Dawn," and "The Zookeeper," the being said.
MGM was taken clandestine for about $5 billion in 2005 by a accumulation led by Providence Equity Partners, Texas Pacific Group, Sony Corp. and Comcast Corp., DLJ Merchant Banking Partners and Quadrangle Group.
In 2007, MGM fabricated $558 actor abandoned from its library of titles, but back again DVD sales accept beneath industrywide, and a ample block of those sales has acceptable vanished.
Besides the bonds, has a $250 actor revolving acclaim ability with JPMorgan due in April.
Cooper, a restructuring authority and above arch controlling administrator of ailing businesses from Krispy Kreme Doughnuts Inc. to Enron Corp., abutting MGM as a affiliate of an "Office of the CEO," replacing Arch Controlling Harry Sloan in August.
(This adaptation CORRECTS Corrects gross of blur `Fame' in graf 8. UPDATES with capacity of controlling process, accomplishments on MGM. ADDS byline. Moving on banking and ball services.)
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