The studio issued the following statement: “MGM said today its lenders have agreed to extend the forbearance period until March 31, 2010. The lenders took this action in support of the Company’s efforts to strengthen its financial position and to facilitate the Company’s ongoing process of exploring strategic alternatives, which include continuing to operate as a standalone entity and evaluating a potential sale of the Company. MGM appreciates the continued support of its lender group. MGM also reiterated today that it has begun the second phase of the M&A process and is conducting due diligence with select parties who have submitted bids. This phase of the process is expected to run for the next several weeks.”
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