MGM Creditors Press for an Auction
Information from a series of recent meetings between Cooper at MGM and the 140 strong creditors has leaked. Cooper made a pitch for new debt to jumpstart MGM movie production, and the creditors declined the honor and opportunity to lose even more money. Instead they made it clear they want the studio and its 4,000 film library (this would include Dead Like Me franchise) to be sold either now by MGM or by the creditors from bankruptcy. The current agreement in which interest owed to the creditors is converted to equity expires on December 15th.
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