I’m still on vacation but can’t escape those beleaguered MGM announcements. The studio said today its lenders agreed to extend the forbearance period and therefore will not seek remedies in connection with the nonpayment of interest and principal due on the company’s bank debt, including the revolving credit facility, until October 29, 2010. “The lenders took this action in support of the Company’s ongoing efforts to evaluate long-term strategic alternatives to maximize value for its stakeholders. MGM appreciates the continued support of its lender group throughout this process.” The studio is going through a pre-packaged bankruptcy before Spyglass takes over.
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