MGM has apparently taken a step forward in its longstanding efforts to find a new owner. The studio just issued this statement:
“MGM said today it has received a number of bids as part of its ongoing process of exploring strategic alternatives, which include continuing to operate as a standalone entity and evaluating a potential sale of the Company. The Company will review the bids and related transaction terms over the next several weeks. As part of its efforts to strengthen its financial position and to facilitate the Company’s strategic review process, MGM also said today it expects to work with its lenders to extend the current forbearance period on its bank debt, which ends March 31, 2010. The Company also expects to seek a forbearance agreement for its revolving line of credit, for which a payment is due April 8. MGM appreciates the strong support it has received from its lenders throughout this process.”
Earlier today, Reuters reported that Lionsgate and Len Blavatnik’s Access Industries made bids and that Time Warner was considering one. The question has always been would those bids rise above low-ball status.