MGM Studio Receives Numerous Bids to be Bought Out
Wednesday, March 24th, 2010The money-strapped MGM studio has received numerous offers to be bought out, but none were anywhere near the $2 billion mark the company was looking for, the Hollywood Reporter announced on March 22. In light of not receiving a valuable offer, the studio’s more than 100 debt holders will most likely instead decide to file for bankruptcy and reorganize the company. However, for this to occur, two-thirds of the debt holders would have to agree to the reorganization. Other studios bid on MGM, including Lionsgate. While it wasn’t immediately confirmed, it’s suspected that Time Warner also placed an offer. MGM said it will review the bids it has received over…









