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Latest Satellite News Discussion, The sale of MGM is generating plenty of interest at General Satellite News forum; Evidently more than a half dozen bids were lodged last week, encouraging the company’s lawyers to go for a second ...

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The sale of MGM is generating plenty of interest
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khanjan
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The sale of MGM is generating plenty of interest - 20-January-2010, 16:59

Evidently more than a half dozen bids were lodged last week, encouraging the company’s lawyers to go for a second round of bids. The cash raised needs to be good to help pay off some 150 assorted lenders to MGM which has about $3.7bn of debt handing around Leo’s furry neck.
However, early word is that the bids are a long way off that $3.7bn, and rumours suggest that this first round set are low efforts nearer the $2bn mark.
Names in the frame include many of the usual suspects including Warners and Lionsgate. Fox is also said to be still interested but did not make a bid as it was still conducting due diligence.
With interest so robust – albeit at low prices as yet – the anticipated closing date for the incoming buyer to be in place of Jan 31 has now slipped to at best February.
   
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