From the Commander Bond.Net News
The bad news continues for the debt-laden MGM Studios—home of the James Bond films.
According to new updates at Deadline Hollywood Daily, the studio has made a conference call plea with its ‘very loud and very upset’ bondholders in order to try and stave off the threat of bankruptcy.
The studio, which carries a burdening $3.7 billion in debt, is trying to work out a deal with the creditors to waive interest payments until February 2010. The company is in desperate need of $20 million in short-term cash flow to cover overhead, and an additional $150 million to get through the end of year and continue funding its projects, and to further start Peter Jackson’s The Hobbit (not having to make payments immediately provides the studio with some much-needed money to back their film production slate).
Full article HERE.