MGM bankruptcy likely
Chief Pistol Packin' Mama on March 31, 2010 in Indicators of need for preps No Comments »Metro-Goldwyn-Mayer’s ability to sell itself and avoid bankruptcy looks more in doubt as at least some creditors grow tired of giving the venerable studio more time to dig itself out of its financial hole.
In an interview with The Post, Patrick Daugherty, a partner at hedge fund Highland Capital Management and a new member of MGM’s creditors’ committee, said he was disinclined to give the studio until mid-May to put together an out-of-court restructuring, saying that nothing he’s heard thus far from MGM management sounds convincing.
“I am willing to give our view, hear theirs and work to an outcome that makes sense,” he said. But “my expectation tells me bankruptcy is more likely than not.”
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