MGM Studios has requested a new debt extension (the sixth one) to its lenders in order to the increasing debt and interests.
Although The Hollywood Reporter says it was expected, the site considers that it still remains to be seen if the lenders will grant the requested debt extension to MGM.
The movie production company has yet to provide solid plans on its corporate restructuring, including the probability it will share ownership with more than 100 lenders.
MGM was supposed to pay $250 million U.S. dollars payment next week and another $200 million due to interest by July 15. Whether the lenders will agree is about to be seen. They may respond as late as next Tuesday.
So, even if this sixth debt extension passes, MGM´s near future is in a dangerous balance. To talk right now about new movie projects like the next James Bond installment is, probably, the worst (or better?) time to do it.
--What other franchises does MGM have that could present any representative income right now?
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